They got USD$1.78m worth on CN's for their USD$1.5m. That is an 18% bonus to start with on top of everything else (commencement shares and options)
We were 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 were 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.
Also the Canadian deal cost us, the shareholders, all up about AUD$1.2m for ...... nothing
[€800,000 being €300,000 establishment costs and €400,000 commitment fee and €100,000 break fee taken in shares issued at $0.075 AUD per share[1,998,491 shares])
http://hotcopper.com.au/posts/17200511/single
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They got USD$1.78m worth on CN's for their USD$1.5m. That is an...
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