Stop Dramas and Start digging Borborema ASAP, page-9

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McKhenry

726 Posts.

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20/02/19

22:29

Post #: 37507771
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Originally posted by red-frog: ↑

I can't see the 249d getting much support if Copolus Group are supporting the current management. Rang the company about a week ago but they never called me back.
By the time all $2.4m of covertible notes get issued at .005 and the rights issue is completed, there will be close to 1.9b shares on issue by my calcs. I can only assume the con notes and $4m raising will happen at .005.
The current egm is only for the $900k of con notes held by non Copolus investors, so that still leaves $1.5m of notes yet to be converted into shares.
If all notes are coverted at .005 then that's 480m shares plus another 800m shares to raise $4m. Add those to the 530m currently on issue and you get just over 1.8b shares plus a few more for outstanding interest on the notes.
That's how I understand this will pan out, but without confirmation from the company is only conjecture on my part.
Our market cap will remain at around $10m, the same as it currently is with just over 500m at .02, it just means we will be diluted by a factor of nearly 4 unless we decide to stump up our share of cash. Then we will be diluted by about 2.
Not a nice situation to be in after being told the bfs would be completed by the end of last year from the $6m raised to list on AIM.
Marcus and the rest of the board will then get their back pay out of any funds raised.
They need to offload non core assets and get the main project up asap, otherwise any funds raised will be frittered away again and we will be facing another cap raising before the end of this year.

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How those A55clowns can take a single $ from this company is beyond me, what an incompetent bunch of muppetts

CAS Price at posting: 2.0¢ Sentiment: Sell Disclosure: Held
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Stop Dramas and Start digging Borborema ASAP, page-9

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