RE:RE:Defense Metals Acquires 100% of the Wicheeda REE ProjectWOW, I got the answer, I think, on ceo.ca. The deal was spectrum would own 49% of shares AFTER the issuance. So rounding again, there were 80 million outstanding, spectrum got 78 million freebie shares, so now there are 160 million shares outstanding. Close to 200 million outstanding fully dilated for options and warrants. And double WOW, there is very little in the treasury because those 78 million shares were for free so DEFN will need to raise money and sell a boatload more shares. AGAIN.
Maxmoe wrote: Now wtf is wrong with the math? Defn was supposed to issue 49% of outstanding shares at the time the option was triggered. Wasn’t that 80 million @49% equals roughly 40 million shares? The presser says they issued 78 million additional freebie shares. So the o/s shares was 160 million? AND they issued (rounding) 80 million. So total shares now 240 million? WTF man, financials from sept 30 showed shares outstanding were 80 million. So they should have issued 40 million to spectrum?????? Plus warrants and option of lord knows what. Does anybody know how many shares are actually outstanding and how many, if any other than the 1.2 million freebie “finders fee” shares have a hold vs free trading? OMG! Great big AVOID on this name until the market adjusts to whatever massive dilution just happened.