They out-negotiated cay on this deal. They agreed to pay a premium on vwap, whilst getting a 1:1 option deal.... AT 7C.
this has to be close, including options, to a 30% dilution of existing shareholders.
Yeh we got $12m.. Which will get burned through in 12months at current spend, but we continue to get ravaged in the negotiations EACH AND EVERY cap raise.
In 5 years, as an off the top calculation, I've been diluted 80+%.
What a company.
Ann: $12.1m strategic placement for Minim Martap Development, page-7
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