m SHARES 961 Jan09 per website 236 placement 6.61 m$ 160 spp @ 1:6 4.48 m$ 1,357 total
m OPTIONS 269 Jan09 per website 59 placement 40 spp @ 1:6 368 total
DILUTION-1. (considering shares only, not options) Most pessimistic (silly) assumption is that the cash raised is worth nothing in relation to value of the IG assets.
961 Shares Jan09 per website 0.036 current sp 34.60 = market cap mS
1,357 Shares after placement 34.60 divided by market cap 0.025 = diluted sp
DILUTION-2. (considering shares only, not options) Cash raised valued at face value.
961 Shares Jan09 per website 0.036 current sp 34.60 = market cap mS
1,357 Shares after placement 45.70 divided by market cap = $raised 0.034 = diluted sp
One should argue that the cash is worth MORE than face value as it provides ability to unlock wealth.
This suggests sp will NOT fall to 2.8, therefore all will take up entitlement, and this week you can buy more on market to participate, which could in turn send sp UP briefly
PEN Price at posting:
3.5¢ Sentiment: LT Buy Disclosure: Held
