Post by
quicksilver545 on Aug 26, 2022 1:46pm
CanAsia trading monday under CEC
Projected to trade as CEC on Monday. No news on when we will get funds from the distribution.
Would be nice to see an announcement on the restart of the demonstration well. Based on the projection back in June report, this will do very well if oil prices remain elevated. They say they need $10 to restart and complete 2023 work, so will need to raise funds somehow. I just hope they don't do something stupid and do a private placement at a very low stock price... A rights offering would be best. Gives patient POE investors the chance to gain more equity and advance the projects forward.
In combing through the prior reports, I see Andora has two convertible loans of 2.5M and 1.2M, for shares in Andora. The conversion price for the second loan is at 1 cent, which means, if converted, would convert to 120 million shares of Andorra. At current sharecount of 100M total, and our current 71.8% of Andorra currently (around 71.8 millions shares), if fully converted, we would have 191.8M out of a total 220 million shares (all else being equal). That would increase CanAsia's ownship stake to 87% stake, and doesn't even account for the first convertible loan.
Also speaks to how desperate Andora must have been for financing if they were to accept terms for a 1-cent per share conversion price...