Great New!. NEWL will issue less shares to MGP/Hanover now (7.72 mil less shares)
I had posted my calculation on how many share NEWL should issue to MGP/Hanover to pay the debt (see below). Based on the calculation, the debt was around 61 mil dollars plus legal fee. When NEWL issued extra 9.5 mil shares on June 18, the total amount became 69.22 mil dollars, which left around 7.5 mil dollars for legal fee, which is too much. However, today's 6-K has corrected it.
News date for Form 6-K No.of Shares issued to MGP Requested date by MGP Closing price on requested date($) Dollar Value ($)
6-Jan-14 1,750,000 Dec. 6, 2013 0.01 17,500
6-Jan-14 2,900,000 6-Jan-14 1.64 4,756,000
17-Jan 2,000,000 17-Jan 1.35 2,700,000
7-Feb 1,900,000 3-Feb 1.05 1,995,000
21-Feb 2,000,000 14-Feb 0.93 1,860,000
3-Mar 3,200,000 28-Feb 0.68 2,176,000
14-Mar 400,000 7-Mar 4.22 1,688,000
14-Mar 420,000 12-Mar 3.3 1,386,000
14-Mar 590,000 14-Mar 3.44 2,029,600
14-Mar 700,000 14-Mar 3.44 2,408,000
24-Mar 720,000 24-Mar 1.89 1,360,800
28-Mar 750,000 28-Mar 1.69 1,267,500
7-Apr 480,000 2-Apr 1.24 595,200
7-Apr 420,000 7-Apr 0.99 415,800
9-Apr 730,000 8-Apr 0.81 591,300
15-Apr 700,000 11-Apr 0.46 322,000
17-Apr 1,100,000 15-Apr 0.4 440,000
17-Apr 2,200,000 16-Apr 0.25 550,000
17-Apr 2,500,000 17-Apr 0.26 650,000
25-Apr 4,200,000 23-Apr 0.21 882,000
29-Apr 5,300,000 29-Apr 0.12 636,000
30-Apr 6,590,000 30-Apr 0.11 724,900
6-May 8,000,000 2-May 0.08 640,000
7-May 12,400,000 2-May 0.08 992,000
9-May 13,500,000 8-May 0.06 810,000
13-May 15,000,000 9-May 0.06 900,000
30-May 1,000,000 20-May 3.31 3,310,000
30-May 1,500,000 28-May 2.42 3,630,000
30-May 3,200,000 30-May 1.38 4,416,000
3-Jun 2,500,000 2-Jun 0.95 2,375,000
3-Jun 2,700,000 3-Jun 0.76 2,052,000
6-Jun 6,800,000 4-Jun 0.62 4,216,000
6-Jun 4,200,000 5-Jun 0.74 3,108,000
12-Jun 6,900,000 6-Jun 0.66 4,554,000
13-Jun 7,300,000 12-Jun 0.63 4,599,000
18-Jun 8,505,620 18-Jun 0.49 4,167,754
Total 69,221,354
Debt 61,630,970
