Ann: Volt Secures Funding, page-13

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Knightrider63

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24/04/24

10:21

Post #: 73491841
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Originally posted by FiveBob: ↑

Thats what I thought. Sounds like a poor deal – for SH and for Riverfort, if this disappears into the bank accounts of Management without genuinely advancing the project. As I understand it: $1m loan from Riverfort Global, to be repaid in 4 months.10% interest. 5% drawdown cost (or 7% if settled in shares). So initial interest ~15%-17%. Or 10 million options at .075c at end of term. If extended a further 15 million options and Conversion notes (add another 20% interest)…..All this in 4 months.
Kicks the can down the road a bit longer, $1m is insufficient to fund a project but can pay for lifestyles of management.
Riverfort (UK investment house with GBP1.5 billion AUM) that seem to do similar deals with other high-risk speckies) invest $1m and potentially get in return if loan is not repaid, $1.875m worth of options and further conversion notes ($1m equivalent in shares if not repaid) of outstanding amount in shares. High risk play for Riverfort I’d say, unless they genuinely develop the business and SP goes nicely past .075c. Maybe they know something positive we dent.
Otherwise, a great income stream for Prashant with no obligations if things go bust. We get further diluted in 4 months if loan is not repaid of up to say 35 million shares out of 200 million available for funding, which if the price drops under 7.5 c wont raise much.

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But it keeps ASX of our backs for another quarter

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