RE:RE:New believernotes1 wrote:
Hey New Believer, you might want to scale you purchases as Wellgreen has just blown the $10 million they raised in November (mostly to pay off the old CEO) and are now pleased to announce that they are selling out probably 40% of the company for $12 million now with a further $17 million sometime over the next five years when the warrants at 17 cents are exercised. This is a ridiculous level of dilution after the November private placement kept adding to the continual dilution with very little advancement of anything except to keep funding ridiculous management compensation for a another year before another dilution. No wonder Eodway has left the building! From the press release: "assuming that a total of 60,500,000 Units are issued in aggregate, Electrum will own a 26.9% equity interest in the Company, or a 40.6% equity interest on a partially diluted basis assuming the exercise of all Warrants acquired by the subscribers of the Private Placement."
Acording to what I've read they can't sell anything for a least 4 months from now, right