So we raised $2m more on the same terms on which we raised $3.2m three month ago.
On the downside, the total market value of what he is getting is 21.25 c for a price of 18 c ( current market price of 1/2 FGROC 0.75c/2), which i believe is still a small discount to the current market price of 17.5c (less clear after dilution).
On the bright side, he is asking for those terms on a shorter maturity for the options, and at a time when cash is becoming more and more precious with the central banks of the world tightening, turmoil in Europe and end of the bull market looming in the US.
On those terms, we raised $5.2m in 3 month.
I'm happy for the dilution for the additional cash in the bank and the safety it provides, as well as the added comfort for Warwick&Co to pursue aggressively market development in Europe.
So we raised $2m more on the same terms on which we raised $3.2m...
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