I was wondering why the shares were issued at 0.3c each.
Well the terms on the convertible note were :
"85% of the average of the two (2)
lowest daily VWAPs per Share during
the fifteen (15) consecutive trading
days immediately prior to the relevant
conversion date notice - rounded down
to 1 decimal point of 1 cent (or if the
VWAP calculation results in a Share
price of less than $0.006, then 80% of
that amount) or:
$0.006 per share."
So if 80% of the VWAP is 0.399c then the shares are issued at 0.3c and if 80% of the VWAP is 0.299c then the shares are issued at 0.2c and if 80% of the VWAP is 0.199c then the issue price is 0.1c or a discount of 50% to the market price.
I am not surprised that Ivo left the company; this rounding down to the nearest decimal point when the SP is this low should never have been in the agreement.
