my understanding is that should money be needed, it is there,...

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travelbug2

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22/08/16

12:07

Post #: 18580029
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Originally posted by timbo70 ↑

I'm a little confused on the issue amount here.

From the first announcement 3/3/16 regarding the funding...

"Under the Agreement, Bergen will make an initial upfront investment of US$1.5 million immediately and US$0.5 million in 120 days, each by way of an interest-free unsecured convertible security with a 24 month maturity. Bergen may also invest up to a further US$4.5 million in Anteo’s equity over the next 24 months by mutual consent of Bergen and the Company. "

So the first two payments were made totaling 2 million. Now we have today's further draw down announcement. The bit that am unclear on from this issue is....

"Issued to Bergen Global Opportunity Fund LP (Bergen) in a conversion of the entire outstanding balance of USD 2,130,000 of the Convertible Securities held by Bergen pursuant to the Investment Agreement announced to ASX on 3 March 2016."

So 2 million plus 2.13 millions = 4.13 million. We haven't drawn down the whole amount with 2.37 million left on the table. Today's announcement contains the words. "conversion of the entire outstanding balance."

Is this not a good outcome in the fact that Anteo has not used the entire funds available to them and that future draw downs after the first 2 payments were going to be by mutual consent.

Does Anteo now feel that they will now no longer need any further funding?

Timbo out

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my understanding is that should money be needed, it is there, but that cash flow will improve in time to prevent its requirement.

ADO Price at posting: 6.6¢ Sentiment: Buy Disclosure: Held
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my understanding is that should money be needed, it is there,...

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