Hi Rgupta
Your numbers are not exactly correct:
1. In the quarterly activities report published in July, 2021 BRN had cash reserves of $US17,700,000.00.
2. The exercise of the put option calling on the excess 8,750,000 shares held by LDA Capital from last year will nett BRN at least an additional $AU4,000,000.00
3. BRN had prior to making the call on LDA Capital a total agreed right to call up to $32,000,000.00 but of that amount are only required to call on $9,200,000.00 but must do this before 22.10.21.
4. The proceeds from the present call using the 8,750,000 shares will reduce the $9,200,000.00 by at least $4,000,000.00.
5. So to comply with BRN’s obligation they will only need to call on enough new shares to satisfy about $5,000,000.00.
6. When the call is finalised BRN will have cash reserves of $US17,700,000 plus ninety percent of $9,200,000.00. Less normal operating expenses.
7. Plus any income received as you have referred to from the allocated chips, EAP customer agreements, engineering fees and any new IP licence agreements.
My opinion only DYOR
FF
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