I still have no idea why retailers would hand over $1.2m when they know $0.8m will go straight to legal settlement and, in all likelihood, a large chunk of the remaining $0.4m will go to paying interest to these sophisticated investors. I'd guess at best CNJ end up with $0.3m at the end, unless I'm reading this wrong.
What is the company going to do with the remaining $0.3m besides pay directors fees? Any meaningful drilling and permitting will require another capital raising round. If anyone wanted a piece of the company they would be best waiting for the second round of dilution.
All IMO of course, but I don't see what value retailers are getting from this.
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Mkt cap ! $1.905M | |||
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