I can't see how Ravenquest is going to survive.
They have $15m of convertible debentures expiring on Feb 28 - in 41 days. They are shown as $13.3m on their balance sheet and convert to shares at $1.45 - so obviously they won't be converted to shares with the share price at 8 cents! They have to repay the debt or refinance. They do have assets, they paid $15m + 10.4m shares (then $1.48 ea) so about $30m for Bloomera. They also own another facility in Edmonton which was also acquired. So the Debenture holders could go after the assets
As Hitmanlam posted from RQBs news release: "will undertake a non-brokered private placement of up to 10 million units at a price of 10 cents per unit for gross proceeds of up to $1-million." Good luck with the share price at 8c. Just maybe Robinson is trying to raise this $1m and buying Digigro so he can impart some more spin on the Debenture holders to refinance. No way would he get finance from anywhere else with a market cap of $9m. If I was a debenture holder I'd go the assets - too much spin for no results, plus the lawsuit etc etc, get your money back while you can.
Robinson has done us a favour, he has widely promoted the orbial garden, and as I've posted before, has JVs such as the one with Cannabis Biocare where they are going to put 1,800 orbital gardens into 2 facilities. I won't rehash what I've written on this subject before, but if Robinson's actions over the last few days can raise the anger shown by the approx 100 posts on Stockhouse, a forum which treats Robinson as a Messiah, what must his JV partners be thinking. With these debenture looming, Robinson is starting to panic.
All his customers & potential customers looking to use his revolutionary orbital garden, many who will have facilities specifically designed for them, only need to look at his news releases about the legal action to see where they can find a new supplier. After all, he purchased some of our machines to copy, so it was good enough for him.
