RE: RE: RE: RE: RE: Feb 28th Only $25 million are converted into 2.1 billion shares... There are still $25 million from the inital $50 million plus the new $7 million. So after converting $25 million in bonds to shares, there will still be $32 million in bonds outstanding. The anticipated use of proceeds for the rights offering is to clear the bonds. The amount of the rights offering is $35 million , less a $3.5 m fee which leaves $31.5m.
If no shareholder existing shareholder subscribes to the rights offering, then Marret will put in the $35 million of which it will be used to pay out their bonds and fees. The balance sheet in this scenario will be clean with Marret owning almost 100% of the company....