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I've always maintained that bringing Magna on board was a very...

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Master Burrows

3,538 Posts.

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14/04/16

14:16

Post #: 17503392
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Originally posted by webral ↑

Have a look at the last 3B released. Check out the issued but unconverted note values on page 4 and add up the $USD value which equates to nearly A$300k unconverted. Also check out the last conversion price of less than 0.6c based on the lowest of 5 days prior vwap (assume 30th March, 15% discount to 0.7c).
Conversion is at Magna's request based on what was released to the market unless there's been an update to the conversion terms since original announcement which I missed MNQ can elect to repay Magna at 15% premium. The lowest vwap in the past 5 trading days was April 8th 0.8c. If Magna elect that date new shares could be issued at 0.68c, up to approx 44m if converting all using $300k figure. Then there's another 3 lots of $US69K to come each month before the Magna facility runs out.

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I've always maintained that bringing Magna on board was a very poor decision by management.

That said however, their maximum daily sell limit is $10,000. And if higher highs are seen in the near future, the amount of shares to be issued will be relatively less.

MNQ Price at posting: 1.7¢ Sentiment: None Disclosure: Held
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