Out of all this fuss and buss so far, this announcement interests me the most. FYI: A convertible note is a loan that can be converted into shares.
Breaking the numbers down, the chairman is receiving 31,096,000 shares for $200,000 USD.
The value of those shares equates to 200,000 / 31,096,000 = 0.0006 USD (price per share)
0.006 USD is equal to ~0.0092 AUD.
The chairman is effectively loaning $200,000 USD to the company in exchange for shares, where the discount on shares is ~0.009 AUD. Exhibit A on how to get a crap-load of shares where there is no liquidity in the market, well played.
Take that as you will.
KP2 Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
