Hi Merlin,
This capital raise was the only legal method of effectively saving the expiring options by allowing shareholders to pick up TONOD shares at the discounted price.
It was demanded by the shareholders with strong support for this initiative.
The $700,000 & change raised was not needed after recent capital raising of $5 million & purely a by-product of this initiative aimed at pleasing shareholders.
Like Steven said..Just added to working capital in simple terms.
Dan.
Ann: Strong Support For Option Placement, page-4
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