This doesn't make much senseThis last news release baffles me a bit.
Why would a creditor not want the deal that was set out in the news release from Oct 23? That would have given them 2.5 million shares. Selling them at the current price of 32 cents would put $800,000 in their pocket instead of $400,000 cash. Did Erin Ventures pull the plug on the deal? Did the insiders want to subscribe to a couple million shares plus warrants instead of letting the creditor get a large windfall should the price go up?
It is also strange the way the warrants have been priced. 60 cents in the first 6 months and 75 cents for the second 6 months. That is quite a premium on 22.5 cent shares.
I predicted a private placement. I was hoping it would be priced at 30 cents at least. Hopefully the insiders are fat enough and can let this thing trade onwards and upwards.
There looked to be some support today on the bids. I hope a deal is getting close.
Lamont