WebralWhat is so hard to understand the black and white The 750k...

Webral

What is so hard to understand the black and white

The 750k are NOT included, this is security and will be returned

As for you other theory, Bergen do NOT dictate future draw downs as you imply and that is what you are not coming to grips with.

The other deals you keep banging on about were structured differently in such a way that the funders determined when conversions would be made and it was in their best interest to crunch the price lower and continue to convert on the way down - yes I know of plenty examples whereby they can convert up to a maximum of $XM over X time in certain size tranches

That is NOT the case here - read the announcement - it should be treated as a one off raise with option to repeat - nice and simple ?

SOC dictate future draw downs, NOT Bergen - how is this so difficult to understand ? This first draw down should be treated as a one off CR given their cash balance + low burn means no need for additional funds till mid 2014 or later at earliest

SOC also state they have the option to buy the stock back and control how they sell, so assume they are escrowed

You are also forgetting the flip side of the coin. If the share price has a parabolic run due to the relatively low free float, nothing is stopping SOC converting another $1M at opportunities higher prices say 30c+ to raise Bergens average and benefit

So your calculations are still wrong, as is your understanding of how this deal works.

This is far better than the alternative which was a raise to retail punters and the broker getting promo stock - this is all locked up likely in escrow, with selling at the companies discretion and all with one holder

At the end of the day, not only is this discussion mute and pointless given the small amount raised, if SOC strike the target they have advised for Mt Adrah then the measly $1M Bergen have secured is history

Anyone worrying about Bergen with their $1M obviously aren't too bullish on the propect at Mt Adrah , because if they do land in that target of 10-15Mozs then Bergen is just a blip in terms of volume that will occur