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Ann: Arena Statutory Demand, page-40

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3,195 Posts.

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07/11/18

10:02

Post #: 36413553
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Originally posted by RFC1873 ↑

Originally posted by aussieman69
Tell me one thing, this latest announcement hasn't raised $10M for the 1st stage project needs and we need to assume between $2.5M+ and $5.1M+ comes out of the asset base for Arena. So if we deduct the Arena numbers from the latest China offering its still a dilution!
Not a great scenario.

I'll be interested to see if Arena take cash + shares as per the repayment terms for converted notes:

"The convertible notes attract interest at 11% per annum accruing on monthly balances and are payable in cash or shares with tranche one interest payable in cash only. The notes are convertible at variable strike prices based on the lowest 1-day VWAP of the 20 trading days prior to conversion. Tranche 1 is subject to a floor price of 18 cents per share and tranche 2A 16cents. Upon conversion the Company may choose to either deliver shares or cash equal to the value of the shares."

Further dilution of the dilution ?

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There is probably a clause about default.
Selling the rubies may have been a default event.
In which case it could be a case of "pay us back our money immediately".
You'll have to read the conditions of the Notes to know.

NXE Price at posting: 7.3¢ Sentiment: Hold Disclosure: Held
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