On the 31st Jan 2018, the previous CN was reported to be repaid (with a combination of cash and shares). The Appendix 3B at the time confirms there were no remaining CN's on the register.
On the 20th April 2018, the new agreement was announced for another $2.5m CN with Lind. (This agreement included an optional further $1m)
This new funding was drawn down in three tranches totaling $3.5m, for three CN's totaling $4.2m face value (plus 25m shares and 58m options). Note: they have already made their money before conversion, so anything they sell above their conversion price is just a bonus
Date
Amount Drawn Down
Outstanding CN Face Value
Collateral Shares
Unlisted Options
Option Conversion
1
25/06/2018
$1,500,000
$1,800,000
15,000,000
41,250,000
$0.035 - expiry 25/06/2021
2
17/07/2019
$1,000,000
$1,200,000
3
17/01/2019
$1,000,000
$1,200,000
10,000,000
16,500,000
$0.035 - expiry 17/01/2022
4
Total
$3,500,000
$4,200,000
$25,000,000
57,750,000
Unless there have been more Appendix 3B's published than I can find on the company website, there have only been 4 conversions against this most recent agreement. It looks like only $850K has been converted so far, with $3.35m still to go. So far, conversions have earned them more than 100m shares at an average of 0.84c
Date of Appendix 3B
Outstanding CN Face Value
Amount Converted
Conversion Price
Number of Shares Issued
1
12/04/2019
$4,050,000
$150,000
$0.0121
12,396,696
2
8/05/2019
$3,850,000
$200,000
$0.0091
21,978,022
3
11/06/2019
$3,600,000
$250,000
$0.0096
26,041,667
4
24/07/2019
$3,350,000
$250,000
$0.0062
40,322,581
5
$850,000
100,738,966
They are only converting small amounts at a time. You might wonder why they don't take advantage of the current price and load up/convert, but in my experience CN holders don't seem inclined to carry the risk of holding their shares for too long and only convert what they feel they can sell off in the near term. If they did convert the remaining $3.35m at the rate they converted today, we would need to issue 540m shares to cover it! They need to either convert or be paid out in cash within 24 months, so hopefully we can see some cash flow eventually which we could use to pay it off and limit dilution.
We have had two placements since the last draw down in January (totaling $1.36m), so its going to be all eyes on the quarterly to see how much cash we have left.. and of course to see all those sales from Granville!
ANW Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
