GREY:FGENF - Post by User
Post by
Predator2628on Oct 28, 2010 10:08am
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Post# 17623425
FGE lacks transparency...
FGE lacks transparency...See below extract from FGE's news release of Jan 15, 2010. Funny that FGE does not mention that 25% of the proceeds of today's FT financing will go to repay Jones Gable debenture...lack of transparency or truthfullness?
"Additionally, the Company issued a convertible debenture to Jones, Gable & Company Limited for a principal amount of $675,675 and net proceeds of $625,000 at an interest rate of 10% per annum. The debenture is convertible into Forest Gate common shares at a conversion price of
.125. Any outstanding principal amount together with accrued but unpaid interest are payable by the Company one year from closing date in equity or cash at the Company's discretion. 25% of the net proceeds in excess of $500,000 of any future financing will be used to redeem this debenture."