We've all mentioned the coming Quarterly and where are they going to get funds to continue. This will keep the lights on, but only just. Approx 360K is not a lot when average burn rate has been well over $2M every quarter for the past 4 or so quarters.
Looks like that allotment of 212,000,000 means their 15% placement is done and the rest needs shareholder approval. If approved, over 500M shares go on the registry. Another huge dilution. Also shows they have no hope of rights issue ever being filled by others.
Then you come to the compensation for getting just $1M in Capital - 6% of raising, plus 50M options at 0.0025 and 25M options at 0.003 - all with 3 year expiry. Not a bad gig.
If they are having to do this now then it just reconfirms everything that has been said before
Rights Issue: Dead IDSB sale: Somewhere in the future Court Case: They must feel even with a settlement nothing is forthcoming.
On top of this they still need an additional $18M to get BNPL up and running - that is once they have found a CEO.
I get people might be tempted ot buy this on the hope of a bounce somewhere and make some quick profit. That might happen with a CEO announcement and something to back it up. But as far as investing in OVT as a long term enterprise - be prepared to lose the lot - IMO.
OVT Price at posting:
0.2¢ Sentiment: None Disclosure: Not Held
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