Just my calculations .... so take them for what they are worth ... better chance of getting some money back if you had Notes I suppose.
I doubled up in the 7 cents range and will forfeit the notes.
NMG Con Notes: March 13:Issued @ 12 cents Sept 13: 8% Capitalized Interest(0.48 cents)Face Value = 12.48 cents March 14: 8% Capitalized Interest(0.499 cents)Face Value = 12.97 cents Sept 14: 8% Interest paid on 12.97 cents (0.518 cents) March 15: 8% Interest paid on 12.97 cents (0.518 cents) Sept 15: 8% Interest paid on 12.97 cents (0.518 cents) March 16: 8% Interest paid on 12.97 cents (0.518 cents)
Notes convertible shares @ 12 cents March 2016 ….. get slightly more than 1 for 1 ….. because of capitalized interest payments. That is convertible @ 12 cents ….. face value 12.97 cents.
But if you don’t allow for that and just include all interest as interest paid ….. total interest received amounts to: 3.05 cents. So my take: cheaper to buy on market @ 9 cents than to take up convertible note ... And that is before allowing the time value ... which I would be happy for someone to calculate.
NMG Price at posting:
7.1¢ Sentiment: None Disclosure: Held
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