from another board Re: thehumanchessmachine Post#
Post# of 2022
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Posted On: 02/04/2018 11:29:44 AM
from another board
Re: thehumanchessmachine Post# 41421
I asked WW about the proposed $3M capital raise and what the rationale was behind it being oversubscribed to $5.9M as well as the rules for trading the debenture an warrants. His reply...
Our initial objective was to raise $3M, as a result of a very successful roadshow, the raise was oversubscribed by $2.9M. As CEO, I have a fiduciary responsible to protect the interest of all stakeholders. With constant uncertainty in the political climate, specifically at a federal level, it was determined by the board the best interest of the shareholders and stakeholders would be met by accepting the entire requested offering to ensure the company could achieve its overall plan to buildout California and have sufficient capital to take advantage of other acquisitions or opportunities if they so are presented. Furthermore, this is the type of traditional debenture that moves the company away from the floor-less convertible debentures from the past.
Holders of the debenture can convert to common stock at anytime, however, these holders are subject to rule 144A of the Securities Exchange Act which prevents them from obtaining free trading status for a minimum period of six months.
Once the shareholder have met the six month holding period they can be sold on the US exchange.
Warrants, once exercised, must also adhere to a six month holding period from date of exercise.
Regards,
Will
As pointed out many times on this board the PPS at the time was in a .60 to .70 cent channel from 11/1 to 12/24 so while we would obviously prefer today's PPS, that wasn't reality at the time. We've wanted capital to grow that was not toxic, so we're able to execute the planned build out. Now we have $5.9M to utilize towards this goal. EVIO Long!
Replies:
magnificent SO !!! great thing to see coming
thehumanchessmachine on 2/4/2018 10:03:11 AM
Can i get a number so i can
R39838 on 2/4/2018 10:08:55 AM
Report TOS
Re: thehumanchessmachine Post# 41421
I asked WW about the proposed $3M capital raise and what the rationale was behind it being oversubscribed to $5.9M as well as the rules for trading the debenture an warrants. His reply...
Our initial objective was to raise $3M, as a result of a very successful roadshow, the raise was oversubscribed by $2.9M. As CEO, I have a fiduciary responsible to protect the interest of all stakeholders. With constant uncertainty in the political climate, specifically at a federal level, it was determined by the board the best interest of the shareholders and stakeholders would be met by accepting the entire requested offering to ensure the company could achieve its overall plan to buildout California and have sufficient capital to take advantage of other acquisitions or opportunities if they so are presented. Furthermore, this is the type of traditional debenture that moves the company away from the floor-less convertible debentures from the past.
Holders of the debenture can convert to common stock at anytime, however, these holders are subject to rule 144A of the Securities Exchange Act which prevents them from obtaining free trading status for a minimum period of six months.
Once the shareholder have met the six month holding period they can be sold on the US exchange.
Warrants, once exercised, must also adhere to a six month holding period from date of exercise.
Regards,
Will
As pointed out many times on this board the PPS at the time was in a .60 to .70 cent channel from 11/1 to 12/24 so while we would obviously prefer today's PPS, that wasn't reality at the time. We've wanted capital to grow that was not toxic, so we're able to execute the planned build out. Now we have $5.9M to utilize towards this goal. EVIO Long!
Replies:
magnificent SO !!! great thing to see coming
thehumanchessmachine on 2/4/2018 10:03:11 AM
Can i get a number so i can
R39838 on 2/4/2018 10:08:55 AM
Report TOS
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