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Bullboard - Stock Discussion Forum Sixth Wave Innovations Inc C.SIXW

Alternate Symbol(s):  SIXWF

Sixth Wave Innovations Inc is a nanotechnology company that uses patented Molecularly Imprinted Polymers (MIPs) for imprinting, capturing, and releasing substances at the molecular level. Its current products are in the process of commercialization in gold mining, cannabis production, and health and security with rapid virus detection.

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Sixth Wave Innovations Inc > fins on sedar
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fins on sedar

lscfa (1690) | July 30, 2022 10:48 am

working capital at May 31 =   -$1,205,894.   Where the hell did the $2.5 million raise in March go?   Bozo mgmt.

RE:fins on sedar

lscfa (1690) | July 30, 2022 11:08 am

See image. WTF is there no record of $2.5 million raise recorded?

User image



lscfa wrote: working capital at May 31 =   -$1,205,894.   Where the hell did the $2.5 million raise in March go?   Bozo mgmt.

 

RE:RE:fins on sedar

lscfa (1690) | July 30, 2022 03:58 pm

The proceeds are "deferred". The jackasses did not disclose that in the March 24 NR.     

On March 29, 2022, and as part of a $2,400,000 net equity investment by Sorbie Bornholm LP comprising of deferred proceeds with a fair value on the date of acquisition of $2,400,000, the Company entered into agreements for the acquisition of 24 equity swaps for total consideration receivable of $2,400,000 ($200,000 for the first two swaps and $90,909 per equity swap for the remaining).
 
The equity swaps settle on a monthly basis over 24 months, and commenced on May 6, 2022, with one swap settling each month. The monthly settlement amount payable to the Company by the counter-party is determined by an independent settlement agent with the amount due calculated via reference to the average of the volume weighted average price of the Company’s shares as traded on the Canadian Securities Exchange for the twenty days preceding the settlement date (“VWAP”), compared to the benchmark price of $0.16. Each one cent difference between the VWAP and the benchmark price results in a $28,409 per month premium or discount to the amount to be received by the Company for the swap at settlement.



lscfa wrote:

See image. WTF is there no record of $2.5 million raise recorded?

User image


 

lscfa wrote: working capital at May 31 =   -$1,205,894.   Where the hell did the $2.5 million raise in March go?   Bozo mgmt.

 

 



RE:RE:RE:fins on sedar

lscfa (1690) | July 30, 2022 04:13 pm

Complicated as hell. This will overhang the stock for 2 f'ing years. Fire the CFO and all financial advisors.  

On March 29, 2022, the Company issued 12,200,000 Units at a price of $0.12 per unit for gross proceeds totaling $2.568 million. Each Unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at an exercise price of $0.175 in Year 1 and 2 and $0.20 in Year 3 after the date issuance. The shares were put into escrow as was the consideration for the shares. Monthly there will be a release of shares and cash as defined in the sharing agreement. (note 9). The fair value of the warrants is $630,120, estimated at the grant date based on the Black-Scholes pricing model, using the following assumptions: annualized volatility of 107.72%, risk-free interest rate of 2.34%, expected life of 3 years and a dividend rate of 0%.

On March 29, 2022, 1,104 Convertible Loan Notes in the principal amount of $1,000 per note, bearing an interest rate of 1% per annum. Each note is convertible into 8,333 common shares for a period of 36 months from the date of issuance. Conversion of the notes is limited to only when shares issued combined with the then current holdings of the holder will not take the holder above 9.9% ownership of the Company. Since the notes are to be settled in shares, the units are treated as equity. In addition, 4,600,368 Common share purchase warrants were issued, each warrant entitling the holder to purchase one additional common share at an exercise price of $0.175 in Year 1 and 2 and $0.20 in Year 3 after the date issuance. The fair value of the warrants is $475,211, estimated at the grant date based on the Black- Scholes pricing model, using the following assumptions: annualized volatility of 107.72%, risk-free interest rate of 2.34%, expected life of 3 years and a dividend rate of 0%. 


 




lscfa wrote:

The proceeds are "deferred". The jackasses did not disclose that in the March 24 NR.     

On March 29, 2022, and as part of a $2,400,000 net equity investment by Sorbie Bornholm LP comprising of deferred proceeds with a fair value on the date of acquisition of $2,400,000, the Company entered into agreements for the acquisition of 24 equity swaps for total consideration receivable of $2,400,000 ($200,000 for the first two swaps and $90,909 per equity swap for the remaining).
 
The equity swaps settle on a monthly basis over 24 months, and commenced on May 6, 2022, with one swap settling each month. The monthly settlement amount payable to the Company by the counter-party is determined by an independent settlement agent with the amount due calculated via reference to the average of the volume weighted average price of the Company’s shares as traded on the Canadian Securities Exchange for the twenty days preceding the settlement date (“VWAP”), compared to the benchmark price of $0.16. Each one cent difference between the VWAP and the benchmark price results in a $28,409 per month premium or discount to the amount to be received by the Company for the swap at settlement.


 

lscfa wrote:

 

See image. WTF is there no record of $2.5 million raise recorded?

User image


 

lscfa wrote: working capital at May 31 =   -$1,205,894.   Where the hell did the $2.5 million raise in March go?   Bozo mgmt.

 

 





RE:RE:RE:fins on sedar

throwaway11 (167) | July 31, 2022 01:19 am

ISCFA - did you ever get around to that DM I sent you a few months back? Should still be in your inbox.

RE:RE:RE:RE:fins on sedar

lscfa (1690) | July 31, 2022 09:04 am

Read your DM. I have no comment other than to say that Sixth mgmt are idiots to do this deal with Sorbie. Every month > 500,000 shares will be released from escrow to Sorbie who can then dump them into the market and keep the share price below $0.13 so that no proceeds from escrow go to Sixth Wave.   




throwaway11 wrote: ISCFA - did you ever get around to that DM I sent you a few months back? Should still be in your inbox.

 

RE:RE:RE:RE:RE:fins on sedar

throwaway11 (167) | July 31, 2022 04:14 pm

agreed. They've also entered into one with Bee Vectoring, who I am also long on. Very unhappy about this and am probably exiting stage left on the Canadian securities markets period and sticking only long on US or short/options on Canadian stocks. 

Knowing this kind of f'ing nonsense goes on constantly puts a black cloud even over companies with great potential. It's pointless waste of energy, time spent on research and of course, money.

RE:RE:RE:RE:RE:fins on sedar

throwaway11 (167) | July 31, 2022 04:38 pm

I knew this would happen, I posted about it in November of last year. The fact is, the stock was beat up by whoever or what ever was selling it and for what ever reason. Sorbie argued the fact of this (frankly catastrophic) SP decline to JG & Co and played hardball with it to ask for more goodies in return for his risk. 

So... I don't totally agree with you on Sorbie's motive here. One even though they have an incentive to buy cheap shares, Sorbie doesn't have an incentive to outright kill the company. The company is clearly at an extremely important stage where cash will be needed urgently, so keeping the share price down on purpose for any reason during the time this agreement is effective makes no sense.

Secondly, the agreement doesn't marginalize/limit Sorbie's profit from selling shares if it exceeds the benchmark price, it means both parties benefit more if it goes above it. So unless I'm misunderstanding the agreement, once again, Sorbie shouldn't want to strangle Sixth Wave for any reason.

So do you think this was a plan to allow Sorbie to further finance with Sixth Wave before the period the contents of those notes become accessible to them? Would such a thing even be legal, given the ownership limitations they already agreed to in their first financing?

RE:RE:RE:RE:RE:RE:fins on sedar

lscfa (1690) | July 31, 2022 06:59 pm

I'm sure mgmt believes that the loss of $90,000/mo proceeds while the stock price languishes below $0.16 will be made up monthly proceeds much greater than $90,000 when the stock price climbs. So Sixw mgmt, get on with it !!!!    



throwaway11 wrote: I knew this would happen, I posted about it in November of last year. The fact is, the stock was beat up by whoever or what ever was selling it and for what ever reason. Sorbie argued the fact of this (frankly catastrophic) SP decline to JG & Co and played hardball with it to ask for more goodies in return for his risk. 

So... I don't totally agree with you on Sorbie's motive here. One even though they have an incentive to buy cheap shares, Sorbie doesn't have an incentive to outright kill the company. The company is clearly at an extremely important stage where cash will be needed urgently, so keeping the share price down on purpose for any reason during the time this agreement is effective makes no sense.

Secondly, the agreement doesn't marginalize/limit Sorbie's profit from selling shares if it exceeds the benchmark price, it means both parties benefit more if it goes above it. So unless I'm misunderstanding the agreement, once again, Sorbie shouldn't want to strangle Sixth Wave for any reason.

So do you think this was a plan to allow Sorbie to further finance with Sixth Wave before the period the contents of those notes become accessible to them? Would such a thing even be legal, given the ownership limitations they already agreed to in their first financing?


RE:fins on sedar

lscfa (1690) | July 30, 2022 05:29 pm

fire the damn accountants as well.     


Co issued 12,200,000 units (1 sh+ 1 wrt) to Sorbie.    


Note 20 shows the amount of $0.175 warrants o/s at 10,700,368 so did 1,499,632 get exercised?  If so why is this not included in the change in shares o/s and why are no proceeds from the exercise recorded?

RE:RE:fins on sedar

lscfa (1690) | July 30, 2022 05:56 pm

12,200,000 + 4,600,368 = 16,800,368 so why does note 20 show 10,700,368?
 

 
 
 
On March 29, 2022, the Company issued 12,200,000 Units at a price of $0.12 per unit for gross proceeds totaling $2.568 million. Each Unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at an exercise price of $0.175 in Year 1 and 2 and $0.20 in Year 3 after the date issuance.
 
On March 29, 2022, 1,104 Convertible Loan Notes in the principal amount of $1,000 per note, bearing an interest rate of 1% per annum. Each note is convertible into 8,333 common shares for a period of 36 months from the date of issuance. Conversion of the notes is limited to only when shares issued combined with the then current holdings of the holder will not take the holder above 9.9% ownership of the Company. Since the notes are to be settled in shares, the units are treated as equity. In addition, 4,600,368 Common share purchase warrants were issued, each warrant entitling the holder to purchase one additional common share at an exercise price of $0.175 in Year 1 and 2 and $0.20 in Year 3 after the date issuance.
 

RE:RE:RE:fins on sedar

lscfa (1690) | August 02, 2022 02:29 pm

Co. admits an error....

The news release and third quarter financials have been updated and refiled today.
 
The equity financing from Sorbie included 12.2 million units which consisted of one common share and one half warrant per unit.  There was an error in the note disclosure with the missing word ‘half’ in the writeup.
 
The warrants issued was 6,100,000 on the equity component of the Sorbie financing and 4,600,368 issued on the loan note portion. 
For a total of 10,700,368 warrants – both disclosed in note 20(b)
No warrants have been exercised and are still outstanding.
 


lscfa wrote: 12,200,000 + 4,600,368 = 16,800,368 so why does note 20 show 10,700,368?
 

 
 
 
On March 29, 2022, the Company issued 12,200,000 Units at a price of $0.12 per unit for gross proceeds totaling $2.568 million. Each Unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at an exercise price of $0.175 in Year 1 and 2 and $0.20 in Year 3 after the date issuance.
 
On March 29, 2022, 1,104 Convertible Loan Notes in the principal amount of $1,000 per note, bearing an interest rate of 1% per annum. Each note is convertible into 8,333 common shares for a period of 36 months from the date of issuance. Conversion of the notes is limited to only when shares issued combined with the then current holdings of the holder will not take the holder above 9.9% ownership of the Company. Since the notes are to be settled in shares, the units are treated as equity. In addition, 4,600,368 Common share purchase warrants were issued, each warrant entitling the holder to purchase one additional common share at an exercise price of $0.175 in Year 1 and 2 and $0.20 in Year 3 after the date issuance.
 


 

RE:RE:RE:RE:fins on sedar

throwaway11 (167) | August 03, 2022 11:21 am

Pretty generous notes, don't you think?