The 3B refers to the money that was raised in October. It was "ratified" at the AGM. Once ratified, the 3B is released to the ASX. The maturity date of the Convertible is Feb 2015 but if you hold them you can convert prior if you want to. They were priced at .001 because that was where the stock was trading in Oct. I can't imagine anyone would have agreed a higher price given they could buy the actual stock on market at .001!
Keep in mind that if anyone converts their options, the money goes straight back into the company - also a positive because no new stock being issued via equity cap raise.
The money raised has kicked started the company and is a very positive move forward and reflected in the price.
Dilution at that price is unavoidable but I would suggest that the company will tidy up its register at some point. I reckon that revenues via the PTA and other sources would be priority at the moment.
O
ESN Price at posting:
0.6¢ Sentiment: LT Buy Disclosure: Held
