These 2,397,104 shares were issued at the equivalent of 6.56c to Obsidian. As long as they sell above that price they're making decent profits.
90,000 notes x 1.15 USD face value = $103,500 USD $103,500 USD x 1.52 USD/AUD exchange rate = $157,320 AUD $157,320 USD / 2,397,104 shares issued = $0.0656 per share equivalent
People are probably starting to see why notes are the worst possible mechanism to raise capital, the last 90,000 notes they converted resulted in 2,099,905 shares being issued at the equivalent of 7.5c per share. They've pushed the price down by dumping those shares which means the 90,000 notes converted now resulted in a lower issue price and therefore more shares issued that will be dumped.
It annoys me to see that it's always retail holding the bag when a company collapses. For everyone's information there is at least one other cannabis company who has referred to an Australian cultivator that probably won't make it and they are posturing to pick up their customers. I'm pretty sure they're referring to CAN.
As always, do your own research and form your own conclusions.
CAN Price at posting:
6.9¢ Sentiment: Sell Disclosure: Not Held
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