okletsmakemoney wrote: I'm not sure if my math is right... $750000/.04 =18,750,000 shares + 2,552,756 warrants. please correct me if I'm wrong, as I also want to know the answer. Thx
TORONTO, ON / ACCESSWIRE / April 22, 2019 / GeneNews Limited (TSX: GEN) ("GeneNews" or the "Company") announced today that Lind Asset Management XI, LLC ("Lind") has increased its funding under the First Convertible Security of the Convertible Security Funding Agreement (the "Agreement") dated May 31, 2018 between the Company and Lind by CDN$750,000 (the "Additional Funding"). The Agreement was first announced on June 1, 2018.
"This is the second time Lind has agreed to provide additional funding for us," said James R. Howard-Tripp, Chairman and CEO of GeneNews. "It is not only good to have their strong support of our objectives but it is also an effective way for us to finance. For reference, our share price was approximately $0.04 at the time of our January financing with Lind, and the last two Conversions were priced at $0.1289 and $0.1357."
Under the terms of the Agreement, Lind has advanced an additional CDN$750,000, less a closing fee of CDN$37,500, in consideration for the increase in the First Convertible Security in the amount of CDN$900,000. The term of the Agreement remains at the original 30 months. GeneNews and Lind have also agreed to increase the potential monthly conversion amount under the Agreement from CDN$120,000 to CDN$190,000.
In addition, the Company will issue 2,552,756 warrants to Lind in respect of the Additional Funding with an exercise price of CDN$0.1909, which is 130% of the 5-day VWAP at April 10, 2019, and exercisable for 36 months. The number of warrants issued in connection with the Additional Funding is equal to 50% of the CDN$750,000 advanced by Lind divided by the VWAP of the common shares of the company on the TSX for the five trading days immediately preceding the closing date.