Just an update being the 16th of May for rounded dates.
Convertible Note placement announced 7 months ago
Maturity 6 months and 10 days away although VWAP starts at 5 months 10 days
at todays market price & developments achieved the full 40% discount to the VWAP along with 2 PYCOA options attached for every 3 shares issued. Puts the issue price at 1c along with the options.
So basically 180,000,000 shares + 120,000,000 PYCOA ?
Anyway rabbits out of hats although really if you where going to pull big deals wouldn't it now be in the best interests to let them idle until after November ?
Never really understood that move for the CN's and surely such a lucrative venture would of been welcomed by shareholders right ?
LeFerve summed it up pretty well at the end of last year -
"Are Directors and their clique club feathering there nest at the expense of shareholders ?
Looking at the convertible note even more closely it has incentives for failure rather than success.
If Directors who are participants in the convertible note do not perform they will be issued with more shares and more options. If they do perform they receive less shares and less options (possibly none).
Of course if Directors do not perform then the company is arguably worth nothing.
They will need to have incredible news over the next 12 months to get over 5.3 cents and if they don't there could be the sense of an impending dilutionary overhang.
It is also becoming clear to me that we will not have any news prior to the AGM and possibly this year.
The convertible note holders are taking very little risk. The current shareholders seem to have all the risk.
Looks like I am stuck in this dog breakfast of a stock.
PYC Price at posting:
1.6¢ Sentiment: None Disclosure: Held
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