RE:TransGaming Announces Warrant Repricing and Share Issuance R TORONTO, ONTARIO--(Marketwired - June 5, 2015) - TransGaming Inc. (TSX VENTURE:TNG) ("TransGaming" or the "Company") today announced that pursuant to amendments to certain covenants in the Company's July 2013 loan agreement with BEST Funds, the Company has agreed to reprice certain warrants issued to BEST Funds and to issue additional bonus shares to BEST Funds. The exercise price of 6,250,000 warrants, originally issued to BEST Funds on July 9, 2013 and expiring on July 5, 2018, was amended from CA$0.20 to CA$0.10. In addition, the Company issued 750,000 bonus shares to BEST Funds.
Contracts and future amendments to them require what's known as "consideration" meaning each side has to bring something to the table of benefit to the other contracting party. You make a deal because yoyu get something out of it. Here, Transgaming significantly lowered the exercise price of over 6 Million warrants by 50% and issued almost a million "bonus shares" to BEST. Consideration clearly exists on the part of TNG.
Thus the question: What did BEST do for TNG? What did they bring to the table to receive these significant benefits? "Bounus shares" for what? What did TNG receive in return?
Whatever it was, why was it blatantly left out? How is this not a material and important detail that should be included in this news release?