It's not $1.5mill at .2c, it's $1mill in conversion notes. 20% discount to 10 day VWAP at time of issue. It's these damn conversion notes that has decimated the share price as there is always an incentive to keep the share price low to get more shares at conversion. These are the notes that the company made a huge effort to get rid of recently.
The other $500K is a loan facility at an interest rate of 14% and $50K up-front payment as I understand. This is a crap deal and it makes me wonder how badly the production is going that they have to raise all this new money. I've lost all confidence in this company. There's now more huge overhang. They've sucked us in big time.
It's not $1.5mill at .2c, it's $1mill in conversion notes. 20%...
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