they "may" be selling equity in ELK Usa Inc .......
note that the adjusted terms of the preff equity allow for a %, of Elk Usa Inc (which increases throu time - once the debt refi is announced, and before the preffs are redeemed) .......
so - lets assume 15m gets them 50% of ELK USA.....and then refi is announced......and then lets say (in 9 months time), that Grieve is up and running, and they can borrow 50-60m against that asset .....and then redeem the preffs ......
net net - those nice people would end up with 70-85% of Elk USA .........
lets hope that im incorrect ....................
rgds
V_H
ELK Price at posting:
1.4¢ Sentiment: Sell Disclosure: Not Held