RE: First tr1…takeover ?15 Apr 2023 05:55
20th March:
“G&A Cost Reduction Commitments
On the back of this Convertible Financing, COPL management have committed to using all commercially reasonable efforts to achieve annualised G&A reductions of US$2.5 million, of which at least US$1.0 million shall be actioned by the end of Q2 (June 2023), with the balance of the target to follow, pending continual board level review as well as to issue common shares in lieu of cash to existing unsecured creditors owed approximately US$2.5 million. These reductions facilitate a more efficient cost base, without sacrificing the strategic and operational aspirations of the business, enabling management to conclude JV/RBL negotiations to the best possible outcome.”
27th March:
“Further to the announcement of March 20, 2023, the Company has also issued 26,842,036 common shares (the "Shares") settling $2.2 million of payables to arm's length creditors of the Company. The price at which the Shares were issued was at a premium to the LSE share price.”
April 11th on CSE:
“If securities are issued in forgiveness of indebtedness, provide details of the debt agreements) or and the agreement to exchange the debt for securities.
Pursuant to a purchase agreement dated March 19, 2023, as amended by a supplemental purchase agreement dated March 20, 2023, with Anavio Equity Capital Markets Master Fund Limited, the Issuer agreed to, among other things, use all commercially reasonable efforts to issue the Debt Shares in lieu of cash owed to certain unsecured creditors in the amount of approximately US$2,600,000, subject to approval from Anavio Equity Capital Markets Master Fund Limited.”
So the above was signed off by cornerstone investor Anavio…hmmm
Also you wouldn’t allow a company to pay in shares(with the SP at a premium) if you thought they were worthless :)
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