Quote :
"the Notes will convert at the lower of 1.5 cents per share or the price at which the Company concludes a capital raising . "
This means that the company intends raise additional capital through a cap raise by 30 november 2017 !!!
How much ? IMO at least another 2 Million$ at 1.5c !!!
Doc 1.5c isn't a floor it's a ceiling, if the CR is @ .01 then the CNs will convert at .01, even if the CR is @ .02 or higher then the CNs convert @ 0.015, and there's nothing in the announcement that satates the terms, amount of the CR.
For arguments sake a CR could be conducted tomorrow for a nominal sum @ .008 - that would then be the price the CNs convert at, now I'm not saying that they will intentionally raise @ a lower price, but they have dealt themselves plunge protection.
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Ann: Bass completes $2m Convertible Note issue for Graphmada, page-13
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