Was there not a mention of Offtake and debt agreement to fund the major component of the deal? What happened to this? I dont like the convertible notes as they rarely work for penny stocks, a straight loan from the refiner would have been optimal i thought we were close on achieving this?
I don't agree with the funding methods in this one they are complex and not set out clearly. It seems as though Far East has too good of a deal. Don't like the fact we acquire their debts up to 1.5m Euro either!
The main issue is not the cash payment avenue but the option for Far East to be paid in 5m Euro in shares at 80% VWAP. Now i can see why the price has come down lately this is not a good look. We have given them far too much bargaining power. Will be interesting to see the further details of Issue SP etc.
EDM Price at posting:
1.0¢ Sentiment: None Disclosure: Held
