This company lost ~$40m in 2 years! Leaving aside destruction off shareholder value…
Regarding the capital raise, consider this:
- Shareholders can buy into SPP at 6c with options that will unlikely ever be in the money (exercisable at 9.5c), funds used to pay management salary and keep lights on. ☹️
- Management gets convertible notes at 10% interest and convertible at most likely 4c or never converted (at their election).
So lopsided.. Why doesn’t management take up SPP and offer shareholders convertible notes???
No party, page-519
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