C7A

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1.7¢ clara resources australia ltd

Ann: Section 708A Notice and Appendix 3B, page-7

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dundalli

551 Posts.

26/08/19

20:10

Post #: 40160491

Originally posted by ozemania: ↑
For anyone interested in keeping track of the CN:

In early 2018 ANW paid Lind the remaining balance of the original CN. They then resigned this current deal which came with a conversion floor price of 3.5c for the first 10 months. The deal consisted of a $3.5m loan secured by a convertible note for $4.2m (20% upfront interest), plus some collateral shares and some unlisted options. The cash was drawn down in 3 batches, the last was in Jan this year.
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 17/07/2018 $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

After the 10 month conversion floor price expired, Lind began converting in April this year with a $150K conversion. It looks like they are currently settled in a routine of converting about $250K per month. As of today's conversion, we have now repaid 26% of the total by issuing 142m shares, with $3.1m still to repay. Since they take 20% interest upfront and convert at a discount to vwap, to break even they can sell up to 20% below conversion price.
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 26/08/2019 $3,100,000 $250,000 $0.0060 41,666,667
6

$1,100,000 $0.0077 142,405,633

Expand
yep. CN deals are almost loss proof for the lender. Which is why they are usually the last resort. What I do notice is their seeming lack of pumping to get out. Perhaps due to lack of expected news where it usually occurs.

ANW Price at posting: 0.6¢ Sentiment: None Disclosure: Held

2 Upvote

0 Great analysis

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Ann: Section 708A Notice and Appendix 3B, page-7

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	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	17/07/2018	$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

	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	26/08/2019	$3,100,000	$250,000	$0.0060	41,666,667
6			$1,100,000	$0.0077	142,405,633

Ann: Section 708A Notice and Appendix 3B, page-7

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