at la jolla's mercy ?

Hi TNR SH's,

On the 1st of September 2011 the announcement was made regarding Major Equity Funding Secured.

It set out a schedule covering a $3 million advance plus an additional $1.5m available if needed over 3 years in 3 seperate $1.5m Convertible Notes.

It set out the terms etc.

It then set some lovely possible senarios of what if?

If the strike price was .059c or 85% of 7c

If La Jolla held its shares they would hold 16.12% of TNR
Number of shares to be issued to La Jolla 484,261,525.

I suggest you recheck the announcement.

I believe these were always going to be best case senario.

Below is a table of the transactions since then and the place we are currently sitting and at the moment we are in Dire Straits.


Torian Shares on Issue 1st Sept 2011 2,520,358,103

First Trache $1,500,000

Date Conversion Shares Issue Price
14-Sep $50,000 9,803,922 $0.0051
29-Sep $51,000 10,625,000 $0.0048
14-Oct $100,000 33,333,333 $0.0030
24-Oct $50,000 17,857,143 $0.0028
1-Nov $50,000 17,857,143 $0.0028
23-Nov $50,000 19,230,769 $0.0026
1-Dec $50,000 23,809,524 $0.0021
13-Dec $100,000 58,823,529 $0.0017
21-Dec $30,000 17,647,059 $0.0017
12-Jan $50,000 29,411,765 $0.0017
2-Feb $50,000 35,714,286 $0.0014
6-Feb $100,000 71,428,571 $0.0014
14-Feb $50,000 35,714,286 $0.0014
16-Feb $50,000 35,714,286 $0.0014
16-Mar $50,000 55,555,556 $0.0009
28-Mar $60,000 66,666,667 $0.0009
29-Mar $55,000 61,111,111 $0.0009

Total $996,000 600,303,950

TOTAL SHARES ON ISSUE 3,120,662,053 As at 29/3/12

Is it time for a new top 20 shareholders list with a 23% increase in shares on issue?

Anybody please correct me if I'm on the wrong track.

In less than 7 months La Jolla has taken our share price from 7c down to .001c forced TNR to issue 23.9% more share than TNR planned to issue for the FULL $3 million and we have only had $996,000 of convertible notes activated so far.

Short of finding a couple of 5000kg nuggets of Gold i can't see how the remaining $2,004,000 of convertible notes over the remaining years are going to achieve a price higher than .0009 if La Jolla is going to maintain it current actions.

At the current rate we will have an extra 2,226,666,666 shares issued.

That would mean we would have approx 5,347,328,719 on issue at the end of this exercise.

That would be a 112% increase in shares on issue as to where we started on the 1st September 2011.

This is as long as we don't take on the 3rd $1.5 million tranche.

What were the directors thinking?

They took this options so as not to dilute our shares on issue by to much.

We can only hope we get good news about gold and lots of it and that at some stage La Jolla start to hold some shares in TNR.

I fear that these two things will be heavily related.

Until good gold is found I think La jolla will just keep turning there money over repeatedly making small regular returns on there cash. Its is comparable to day trading what they are doing at the moment and they have a controllable buy price of .0009c.

If the gold comes then they still have plenty of scope to build a solid holding.

As for us i think we are in for a very long wait.

These are just my humble observations over the last few months.

Cheers to all...Peteski.