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Ann: Adidi-Kanga Gold Project Acquisition and Update, page-69

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mattyedw

2,649 Posts.

187

07/03/19

12:40

Post #: 37684491
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Originally posted by HAC30 ↑

I am trying to think of where I have seen it before. I am not sure of why the face value wouldnt be a simple $1 but surely if they are running with an issue price of $1 but a face value of $1.20 PLUS commitment shares etc then that would need to be disclosed in absolute detail.

If theres an extra 20% different between issue price and face value of the notes then this deal is one of the worst I have seen and I am not sure how they are trading if that hasnt been clearly illistrated in the announcement. The lender is already compensated with 'commitment shares' of almost $1m plus conversion at discount to VWAP and penalties if paid out early.

Upon saying that they havent clarified a few of the other terms (such as whether its the lower or higher of the two conversion options). How the ASX lets these announcements get through is beyond me.

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Welcome to one of the worst credit deals there are......Mum and dads will be paying plenty for this shxt finance deal

VEC Price at posting: 1.8¢ Sentiment: None Disclosure: Held
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