I hope so - it can't come too soon as far as I'm concerned. I'm luckier than some but still averaging 2.88p so I need recovery SOOOOOOOON !!!
My money says they'll be an RNS tomorrow to explain the current situ & funding (hopefully at least 1x issue covered)
SEA7 - "The investment in each subsequent tranche is conditional, inter-alia, on the share price of the Company being no less than 80% of the price at the close of the trading day prior to the initial £1 million loan notes being issued (that is, no less than 1.56p) on all but two trading days following the date of the preceding issuance, unless both the Company and Darwin otherwise consent." I don't believe that Darwin will consent as the CLN's are unsecured and until Kea come up with a firm plan re PUKA Phase II and Mercury the share price is not attractive for conversion. Without conversion the loan is repayable next May and that's a risk for Darwin. My money says no CLN tomorrow.
RE: darwin tomorrow
Tiven the current sp, looks unlikely tomorrows tranch will be taken up.
Convertible Loan Notes A first tranche of £1.0 million of CLNs has today been issued, in integral units of £50,000 at a price of £45,000 per unit to raise a cash amount of £900,000 before expenses. Darwin has conditionally agreed to subscribe for up to an additional £1.0 million loan notes of principal value for a further consideration of £900,000. The remaining CLNs will be issued in two equal tranches of £500,000 in integral units of £50,000 at a price of £45,000 per unit, the first on 11 July 2014 and the second on 22 August 2014, subject to the condition referred to below. The CLNs are convertible, subject to the condition referred to below, into Ordinary Shares of the Company ("Shares") at Darwin's option at the lesser of 3 pence per Share, or 90% of the volume-weighted average prices of the Shares on the 15 consecutive trading days ending on the last trading day before the date of conversion. The investment in each subsequent tranche is conditional, inter-alia, on the share price of the Company being no less than 80% of the price at the close of the trading day prior to the initial £1 million loan notes being issued (that is, no less than 1.56p) on all but two trading days following the date of the preceding issuance, unless both the Company and Darwin otherwise consent.
They can't give us news until there is some so just got to be patient. I'm sure the BOD are working hard on drill analysis, talking with Meo and trying to secure the Mercury farm-in. Had hoped to make a quick turn here and then get back into MSMN before lift-off there but I'm also trapped for now. Also waiting for the RNS before I need an SRN !!! GLA
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