I guess I spoke too soon yesterday when I figured no Lind conversion for September as this conversion may have been submitted yesterday. Maybe they waited a few days longer to get the vwap down or for the selling to ease and let some buy orders build up.
Anyway, $300K converted this time. A larger conversion than previous batches. I'm sure there are plenty of potential theories why. Maybe they are taking advantage of the low and converting extra because they see a bright future, in which case I guess this is a gift from their perspective. Alternatively they might be sweating about the risk of getting left holding the $3m bag and decided to pick up the pace.
Converting 20% more than the last few months, they are now under the $3m mark remaining. Unfortunately for us, for their $300K at 0.28c they received 107m shares.. almost 160% more than last time. That's a lot of shares..
At $300K p/m, it will take until July next year to be fully cleared, and at the current price that will be almost exactly 1b more shares still to come, which will leave us with 3.4b shares on issue (plus whatever may be issued in any CR's between now and then). The BOD need to take responsibility for this mess, and I hope they don't waste too much time on their review and get on with solving the problems.
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