cheers Elfy
nathan, this is my understanding of Bergen deal, could be wrong
the 130% premium would have created a base conversion price if the sp had risen dramatically
130% of the 10 day vwap leading up to September 28th was 2c or thereabouts
Bergen would have had the option to convert at 2c rather than 90% of a 3 day vwap
if ISN vwap was below 2.1c for instance they choose the 90% vwap calculation imo
say ISN reached 5c and stayed there for a while, instead of issuing shares at 4.5c (90% of vwap) Bergen could have elected to convert near 2c using the alternative formula - a win win situation for Bergen
As for the note, the company had an option to cancel it under given circumstances but decided not to. The original $1,120,000 had $318,000 remaining after the most recent conversion. I think the company are commited to the remainder of the initial note which at worst case scenario would mean issuing a further 106m shares to Bergen at 0.3c - beyond that i don't know if the company are commited to further notes with Bergen.
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cheers Elfynathan, this is my understanding of Bergen deal,...
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