RE:Share PriceNot sure where you came up with 4 or 5 times the market cap… The way I understood the Off-Take Agreement with Glencore was…The notes (including accrued but unpaid interest) can be converted at any time after 12 months into common shares of Macarthur at the Note holder’s option at a conversion price that reflects the greater of 80% of the average VWAP over 5 trading days immediately preceding the date of a notice of conversion and C$0.10 (in each case with appropriate equivalence to USD), with attaching warrants offered for one fourth of the commitment amount exercisable at the greater of C$0.10 or the average VWAP over 5 trading days immediately preceding the date of the Advance Date (such term being defined in the definitive documentation) (in each case with appropriate equivalence to USD).
The proceeds of the note was targeted towards the compliant BFS… We should be getting good news this fall when the result of the BFS drilling reports are released… IMO this news should put the SP to .50
GLA
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