RE:RE:NXE Dilutes Shareholders@ shrink - NXE announced on February 18, that CEF had converted its $120M in outstanding debentures into common shares. (NXE has the $30M debenture to Queens Road Capitial that is still outstanding.)
NXE reported they had $55M in cash when CEF converted their debentures into shares so its difficult to know if there is any relationship between the CEF conversion and the $150M BMO / Canaccord financing.
However, the CEF debentures were due to mature on June 11, 2021 so NXE had to come up with money from somewhere.
Did BMO and Canaccord shave off a couple percent from the offering price so they can add some NXE shares into their portfolio's below what the prevailing market price was, after they saw that CEF didn't roll over NXE's debt? Probably.