Well,unless they release a PR in the afternoon like they did the last one,we`ll have one more under delivery from the King of them.
I guess he does not learn and he does not take advice.
As bad as the first proposal was,it was digestable.
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SENSIO ANNOUNCES A PROPOSED $2 MILLION PRIVATE PLACEMENT
Sensio Technologies Inc. has entered into an agreement with Global Maxfin Capital Inc., as exclusive agent, for a brokered private placement of up to $2-million aggregate principal amount of unsecured convertible debentures on a commercially reasonable efforts basis.
In addition, the agent has been granted an overallotment option to increase the size of the offering by $300,000, which option may be exercised at any time within 30 days of the closing of the offering.
The debentures will be offered at par at a price of $1,000 per debenture, will mature three years from the date of their issuance and will bear interest at a rate of 12 per cent, payable semi-annually in arrears and compounded annually. The company shall have, subject to regulatory approvals, the option of paying the interest in either cash or common shares of Sensio.
The debentures will be convertible at the holder's option into common shares at a conversion price of 28 cents per common share, being a ratio of 3,571 common shares per $1,000 principal amount of debentures. The company will have the right to force conversion of the debentures if the common shares trade at or above 150 per cent of such conversion price for 20 consecutive trading days before the maturity date.
Closing of the offering is anticipated to occur on or before June 25, 2013, and is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange. Securities issued will be subject to a hold period, which will expire four months plus one day from the date of closing.
Then he changed to:
1)
SENSIO ANNOUNCES EXTENSION OF PRIVATE PLACEMENT
Sensio Technologies Inc. has agreed with Global Maxfin Capital Inc. to extend the closing date of the private placement, initially set on or before June 25, 2013, to Aug. 16, 2013, or before.
"The financing is progressing well and we need a little more time to finalize it given the nature of the type of placement and the period of the year," said Nicholas Routhier, president and chief executive officer of Sensio.
2).Then he changed to:
SENSIO ANNOUNCES FURTHER EXTENSION OF THE CLOSING DATE OF ITS FINANCING
Sensio Technologies Inc. has agreed with Global Maxfin Capital Inc. to extend the closing date of its private placement initiated in June, 2013. The closing date initially set on or before Aug. 16, 2013, has therefore been extended to on or about Sept. 16, 2013. This extension will allow the company to conclude discussions with some investors.
"In light of recent commercial developments, we have decided to redefine the mandate that has been given to Global Maxfin Capital in order to obtain better conditions, thereby allowing us to reduce dilution associated with the new financing, for the benefit of all current shareholders of Sensio," said Nicholas Routhier, president and chief executive officer of Sensio. "The financing process is well under way since a few weeks, and we are confident that it will be completed on or about Sept. 16 in accordance with the new deadline."
3) Then he changed to:
SENSIO ANNOUNCES CHANGES TO CONDITIONS OF PRIVATE PLACEMENT
Sensio Technologies Inc. has made changes to the conditions of the private placement initially announced on June 3, 2013.
The amount of the private placement changes from $2-million with an overallotment option of $300,000, to $2.5-million with an overallotment option of 15 per cent. Moreover, the placement in unsecured convertible debentures becomes a private placement of units. Each 10-cent unit contains a common share, and a warrant to purchase an additional common share for 18 cents exercisable in the two years following the closing of the placement.
"Considering the current market conditions and pursuant to our recent efforts with Global Maxfin Capital in regards to the proposed convertible debentures, it was determined that an equity raise was a better option at this stage," said Nicholas Routhier, president and chief executive officer of Sensio. "This will namely allow the company to preserve its future financial resources for the development of its business which is our top priority.".
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Nine days later and we are still waiting,I guess it was not done as we thought.
This is the worst piece of anything he has done.
He did the offering, he asked for time, he thought that the Panasonic deal was too good and tried to change the terms to protect the shareholders from a dilution, he could not change the terms and
now we suppose to end up with the mother of dilutions, but can he even pull that one ??.
He keeps on over promising,
He keeps on under delivering,
He keeps on under executing,
He keeps on doing what he wants.
The BOD ???.
Which PR will come out first ?, the Financials or the PP ?, or maybe just the Financials ?, stay tuned.
PS: whatever he does wrong we pay for it.