Re Bergen. We are told it is a USD$1.5M interest free deal. We are told about the 4,649,156 free shares paid as commencement fee. We are told about the 9,800,000 options. OK.
But what you have to dig for is that the USD$1.5M does not translate to USD$1.5M in CN’s as you might expect, but instead USD$1.78M in CN’s. That is a bit over 18% for a 24 month agreement. Seems a lot like 8.96%pa compound interest to me, but we were told the ‘investment’ is ‘interest free’. What ADO’s calls interest free is actually more like pre-paid interest to me.
But you are right, it up to the company to deliver. Hope they finally do
DYOR, IMHO, E&OE
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