Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Talking of comedy gold John that’s not what you said back end of last week -
“Right I will drop the act - my expectation is a JV announcement in near term with a large oiler operating in Wyoming.. I also expect a small placement to cover short term concerns - RBL think we will get an update once JV is signed - my average 6.1p”
To clarify this cost is already booked into the COPL balance sheet under derivative liabilities in non current liability section
As at September 30, 2022, the Lender Warrants were revalued at $3.2 million using 6% of an adjusted net
assets value of COPLA (December 31, 2021 - $2.3 million using 5% of COPL's market capitalization on a
fully diluted basis). The resulting change in fair value of $0.94 million related to an initial valuation of the
additional 1% Lender Warrants of $0.92 million recognized in financing costs pursuant to a third amending
agreement to the Senior Credit Facility and loss on derivative liabilities of $0.02 million for the nine months
ended September 30, 2022 (see note 19).
Under a separate warrant purchase agreement dated March 16, 2021, the Lender was granted warrants
representing 5% of the fully diluted common shares of COPLA for an exercise price of $0.01 per share. Pursuant
to a third amending agreement to the Senior Credit Facility effective as of March 31, 2022, the Lender was granted
on April 6, 2022 warrants representing an additional 1% of the fully diluted common shares of COPLA for an
exercise price of $0.01 per share for a combined total warrant coverage of 6% of such fully diluted shares
(collectively, the "Lender Warrants"). The Lender Warrants may be exercised, in whole or in part, at any time
and from time to time from and after March 16, 2021 until the later of (i) the 60th day following the date on which
the Senior Credit Facility is paid in full and (ii) March 16, 2025. Upon the occurrence of certain trigger events,
the Lender would be entitled to redeem such Lender Warrants for an amount equal to the greater of 6% of the
Company's market capitalization and 6% of the net asset value of COPLA at such time, subject to certain
adjustments. The Lender Warrants were issued as a requirement of the Lender for providing the Senior Credit
Facility and are part of the cost of debt and factored into the overall determination of the effective interest rate for
the facility. As the Lender Warrants are puttable financial instruments at the option of the Lender, following the
occurrence of certain trigger events, the Lender Warrants are classified as derivative liabilities recognized at fair
value upon issuance and measured at each reporting period end with changes in fair value recognized in net loss