Yes, the Company MAY refuse. However, the first two months company needs the money to cover expenses. For example, director's convertible notes (interest bearing) are due & have been waived. Hopefully, the Chinese company will still honour $0.20 placement then FWL should refuse SpringTree subscription below $0.125 otherwise I will have words with the board.
With regard to SpringTree selling, IMO it is illegal to manipulate sp like this. It is not hard to find out who sold those shares & any relationship. SpringTree is here for long term. Also once they get a lot of shares, they need to notice any change in share holding. You can check SpringTree's other investments in Australia.
If you look SingTang paid $0.17, SpringTree $0.125 (min. after first few months), Chinese $0.20 (if honour the deal) & other holders probably paid more, $0.10-$0.11 sounds a great pick up IMO. However, anyone holds FWLOA watch out, they do expire & I've seen some companies sp got manipulated to prevent options get exercised.
As I said to Eyeoverit before, short term dilution (sold out early) but not a bad long term play (buying back). These placements give company more certainty on development.
LCG Price at posting:
9.9¢ Sentiment: Buy Disclosure: Held
