SVG 10.5% 1.7¢ savannah goldfields limited

Ann: Georgetown Project Acquisition Financing and Ops Update, page-13

  1. 5,501 Posts.
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    This out of touch 12 % is an obscene interest rate imo of these convertibles, its just so wrong and this is exactly how people get to own and control companies in my opinion. Should raise cash by SPP or placements, even buy on market now especially given after the many years of raking personal benefits from these multiple convertible plays, just no longer acceptable and must end, imo...

    Take for example SB wanting $3.25 mil in convertible notes.
    $3.25 mil @ 0,007= 465 mil shares
    $3.25 mil @ 0.005= 650 mil shares
    Interest 12%, earns a risk free $390k in interest alone.

    IMO how can a director only pays $185k for massive 465 million shares which equates to 0.00039c a share. Basically costs bugger all, only $185k for 465 mil shares and earns 12%, that’s almost 3 times what any lending institution offers.


    Holders left paying this, also the rest of this excessive interest rate from the other $ 7-9 mil of convertibles. All up over $1.2mil++ in interest. Yep!!! LNY looking after who exactly here??????

    Meanwhile SH’s pay 0.005 a share, not 0.00039c a share. How is this not a major conflict, wheres the independence here. Tell me this is fair and reasonable in today's climate especially when gold being produced and what has LNY given back for minority holders investment over all these years! This is so wrong on many levels imo….
    Last edited by docmin24: 22/08/22
 
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