The 6M shares at 8.2 cents only equals $0.5M. There's plenty more conversions to come in the next 2 mths....
It says here they're entitled up to $1.5M worth of stock immediately 20 days prior to execution of agreement and theres more tranches to come after 30 and 60 days, aswell as $12.5M options expiring 16 May 2015..at a strike price of 22.16 cents..
facility will be used for general purpose & working capital...i think that says it all...
Bergen Global Opportunity Fund, LP is a New York-based investment fund that invests in high growth
public and private companies around the world.
The A$5 million facility will be made available to the Company in three tranches, with the first tranche
of A$2.5 million already drawn (under its existing 15% capacity) and two subsequent tranches each
of A$1.25 million after 30 and 60 days. The convertible securities are interest free and secured against
6,800,000 shares of the Company. The convertible securities are convertible into the Company’s
ordinary shares at 90% of the average of five daily volume-weighted average prices of the
Company’s ordinary shares during a specified period prior to the date of their conversion, and with
up to A$1.5 million at a conversion price equal to 130% of the average of the daily VWAPs per Share
during the 20 trading days immediately prior to the execution date of the agreement. The facility is
subject to a floor price of A$0.15, whereby the Company may elect not to issue the convertible notes
and to terminate the facility at no cost if the market price of its shares is below the floor price. A
facility fee has been paid by way of the issuance of shares of the Company. The Company has
issued 12,500,000 options with an exercise price of $0.2216 and with an expiry date of 16 May 2015 to
the investor.
The facility will be used by the Company for general corporate purposes and working capital and to
assist in the evaluation of advanced and producing opportunities both in and outside of South
Africa.
The 6M shares at 8.2 cents only equals $0.5M. There's plenty...
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