As you may remember, on June 23, 2015 Coates signe
Post# of 3605
Posted On: 06/19/2016 2:05:58 AM
As you may remember, on June 23, 2015 Coates signed a $20 million equity purchase agreement with Southridge Partners II LP (Southridge) establishing a "credit financing mechanism" to fund manufacturing operations and for general working capital.
If the entire $20 million had been borrowed, at Friday's closing stock price of $0.0008, 25 billion total shares would have been required if Southridge had converted at that stock price. Apparently George did not borrow the ehtire $20 million because he only increased the total number of shares authorized to 12 billion instead of 25 billion. Some consolation.
Many of the conversions have already taken place or the Stock Price would not be in the toilet.
The Company initially registered only 205,000,000 shares to cover this obligation which would have put the stock price at about $0.09 a share at that time. My, how things change.
As I see it, the good news is "no more convertible loans" if you can believe what George said. I believe Southridge will convert their loan to stock as soon as they can at the current rock bottom price. That will put a demand and a short lived surge on the stock price. This will be temporary until they sell and that will be disastrous to stock holders.
On a different note, could it be that the unnamed major Chinese Cummins Engine and Generator manufacturer (that) agreed to build and supply industrial engines and electric power generator sets to Coates (minus the heads and poppet valves) could be none other than Coates Power Inc., Ltd., the same company that Coates had a $100.000.000 license agreement with?
If the entire $20 million had been borrowed, at Friday's closing stock price of $0.0008, 25 billion total shares would have been required if Southridge had converted at that stock price. Apparently George did not borrow the ehtire $20 million because he only increased the total number of shares authorized to 12 billion instead of 25 billion. Some consolation.
Many of the conversions have already taken place or the Stock Price would not be in the toilet.
The Company initially registered only 205,000,000 shares to cover this obligation which would have put the stock price at about $0.09 a share at that time. My, how things change.
As I see it, the good news is "no more convertible loans" if you can believe what George said. I believe Southridge will convert their loan to stock as soon as they can at the current rock bottom price. That will put a demand and a short lived surge on the stock price. This will be temporary until they sell and that will be disastrous to stock holders.
On a different note, could it be that the unnamed major Chinese Cummins Engine and Generator manufacturer (that) agreed to build and supply industrial engines and electric power generator sets to Coates (minus the heads and poppet valves) could be none other than Coates Power Inc., Ltd., the same company that Coates had a $100.000.000 license agreement with?
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