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" The Funding Agreement contains a number of other anti-dilution provisions and warranties customary to an agreement of this nature. The same terms will apply for any funds that may subsequently be made available to BPC under the Funding Option Agreement."
I could get seriously attacked here with "Put" and "Call" bull**** .......
Icemax the put has been taken, the call is outstanding, if you give me 10 minutes I will find the part about all of them being treated equally
Jdam that agreement has changed since then
"As noted above, under the terms of agreements entered into on 14 December 2020 with an institutional investment fund managed by Lombard Odier Asset Management (the "Investor), BPC was granted an option to place a further fixed number of shares to the Investor, to raise up to a further £3.75 million (US$5 million) (the "Put"). If the Put is exercised, the Investor has the option to double the amount the subject of the Call on the same terms and conditions (the "Call"). As advised on 7 January 2021, the parties had agreed that the last date for exercise of the Put by BPC is 13 January 2021.
BPC has today exercised the Put, such that BPC will issue 187,500,000 new ordinary shares of 0.002p each, at a price of 2.0 pence each, for immediate gross proceeds of approximately £3.75 million (US$5 million). This additional issuance represents approx. 3.5% of BPC's fully diluted share capital. The Investor now has until the earlier of (a) the date of BPC's RNS announcement of the result of the Perseverance #1 well results, and (b) 12 February 2021, to exercise the Call, failing which the Call lapses.
Consequent on the exercise of the Put by BPC, the Investor will also be issued with warrants, valid for one year, to subscribe for a further 46,875,000 shares at a price of 3.0p per share and a further 46,875,000 shares at a price of 4.0p per share. As previously advised, in respect of shares issued pursuant to the Call or Put, the reconciliation date for any potential future payment to the Investor by BPC is 16 April 2021."
Cheers Sysi
Sysi where did you get the numbers ? Or are they your own ?
Sol I have no evidence of anything illegal taking place, and I have stated the legal position.
Me: Confident of oil
Also me: No idea of quantity and quality
IF LO were told anything, legally BPC would be beholden to let the share holders know.
LO now have less that a 3% holding approx 140-150 million shares
Zag I count you among my allies, some were sold above 2.3p but the vast majority were sold below that price. Just a single sale today cost BPC £58,000
I may go over the SP and sales figures since LO got their bargain shares and get a rough idea of what we owe them. But I know just by looking at what has gone through today there is at least a £100,000 hole in that 15% guarantee.
Bespoke they are not UK based so 3% was the lower limit
Zag as far as I am concerned they can not get rid of them fast enough.
However OUR fully funded is not fully funded if BPC have to settle with LO for 0.5 Million.
How will they raise that money ? With another fully funded share sale ?
Rumours
So that takes them down to circa 140-150 million shares, so we will need a good pick up in the SP cover the 15% on those final shares.
Conservative Guestimate: over £200,000 owed to LO
So 6 billion barrels
It was CERP-84
"Dear Simon,
Just on the off chance you are having a quick scan through the LSE bb ahead of your presentation at 6. Please note the following instructions in relation giving you loyal, long suffering PI's a coded message....;-)
1. Scratch your left earlobe if over 1 billion barrels of oil present.
2. Scratch you right earlobe if over 2 billion present.
4. If no oil present wipe away the tears from you specs.
Looking 4ward to your interview.
Atb."
Yes we had this discussion here the other day, right now it is too dangerous to have a stop loss in place.
The SP today has dropped and risen again over 13% in a matter of an hour. historically it has gone down and up much higher percentages.
This close to results is indeed suicidal.
I bet when we get the trade list come through most of the buys will match all the stop loss sells earlier.
TRP-noBPC it is your MO just look back over your previous buy/sell posts. Your next will be a damping post about why you sold. And shooting stars, inverted triangles and double tops.
As ThePole would say :FACT
Why bother if you are selling on Monday
On the upside we are back to 2.10