We've covered this before but again. Once Bergen get issued with shares and then they sell them into the open market to skim their profits how do they buy back the notes? A: They can't. wish people would stop saying they can buy back the notes. All the notes have been issued but 2 have been partly converted. Can they buy parts there of back, I doubt it. So look forward to the rest of the dilution IMO.
How does Bergen have access to MNE's balance sheet to know when they need cash. A: They don't. When MNE need cash or a top up they bite Bergen for cash then issue the shares. That's why they only issue them in $100k - $150 odd lots as it's cash when MNE need it not simply when Bergen think they will exercise their right to get more shares. IMO
The 3B in itself is not disturbing, it's the 2 line sentence at the end off the secondary trading notice about additional funding with the MD telling us we are going cash flow positive this qrt and then we hear his mumblings at the GM that he could do with another 2 million$.
I suspect we will have doubled our issued share capital shortly which started out at around 380 million before they started the mining. Even if they had done a massive cap raising of 300,000,000 shares at 2 cents prior to commencement they would of received $6million to progress and would be full steam ahead, Badly handled IMO of course.
