The first issue was to convert $10,000 convertible notes. at VWAP rounded down as per agreement with the noteholder. It seems there are 2 remaining notes under this agreement.
There is one $10,000 note outstanding under a previous agreement where VWAP is not rounded down.
The second issue was to settle a debt.
This is my understanding from reading these and other announcements.
There are still debts to settle; how much I dont know and the Annual Report due shortly should give us more information.
Any shareholders with spare funds to invest in KBL should speak to Management and see what they are offering because until they raise the funds they need they are forced to issue convertible notes at a discount and the note takers are abusing the situation.
When management needs cash quickly they have 3 choices:
1. Raise funds from shareholders with ready cash.
2. Raise funds by placements to third parties who are sucking blood.
3. Cease trading.
Option 3, noone wants.
Option 2 results in dilution of existing holders, but ensures KBL survives.
Option 1 is preferred.
KBL Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
