Ann: Adidi-Kanga Gold Project Acquisition and Update, page-234

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14/03/19

07:53

Post #: 37755259
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Originally posted by rastes ↑

I dont think you are quite up to speed yet mate. : )
Look consider this regarding your view on the commitment 'Fee'
Imo
First, the execution of the deed has been completed. Hence commitment charge fee would of had to been paid i imagine, and appears to me the cost from memory at around a 10% fee charge of the total loan amount and paid via shares as the con notes terms announced implies equivalent 44,700.00 shares at 1.8c.

Now In short- see the 3b page 3 notes ( vi ) comments!, they did not separate the numbers details, the commitment fee shares could of been slipped though in the 105,450,000 lot.
Now just below ( vi ) see notes, they combine the number of shares issued with (vii ) under 7.1.
Now if you then look at the investor presentation announcement, page 5 as a type cross reference you will see major shareholder's MEFI,LP 1.9%.
Methinks you can bet ya balls that Magna did not pay up recently cash for 44,700,000 mill shares at 1.8c
44,700,000 fits around with the 1.9% holding announced in the new investor presentation think ?
Anyways fwiw.
A current live T20 would be now very interesting. hehe. 1.9%
Ironic..

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Hi rastes, that’s why I wrote.....

“There is no mention of any issue to Magna in the last 3B not even their commitment shares. (I have not added up the total shares issued)”

Maybe I should have qualified the above a bit more, did not look deep enough. So you are correct.

VEC Price at posting: 1.4¢ Sentiment: None Disclosure: Not Held
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Ann: Adidi-Kanga Gold Project Acquisition and Update, page-234

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