Its an existing convertible note facility
21 000, 000 @ a face value of 5c
Remaining amount equates to $1.050 mil
or 65 mil shares at todays close of 1.6c
In the scheme of 1.5 bill shares on issue it is not a concern, and has already been disclosed, hence little conversation
As the notes are pegged at 5c a piece, the dilution reduces, as the SP recovers.
Just my observation anyway
The bigger concern would be a similar structure for the $15 mil they planned a few monthe back. It would have halved our potential returns as existing shareholders, and the provider may dump and really peg the SP growth. Such SP control means getting each months tranch at a discount and dumping just in time to control their VWAP
The 9 mil shares were probably dumped today ( one of the larger sell offs) - Given they got them for 1.05c they made a killing
Lets hope next month they cost em 3.5c
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