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Saturday, November 22, 2014 12:58:13 PM
That 143 million is simply ROUND-1. The very first steps to getting this Magna "thing" going and the first cash coming in. It's just the very, very first beginning per the S-1. It will only cover the first, maybe 2nd draw. They then have to file another and another S-1 each time they tap out the max on the S-1 filing, which in this case is about 89 MILLION just to "start" using the credit line.
It's gonna be a whole lot more than 143 million before this is all said and done, way, way more IMO. Again, it's all in black n white in that S-1 filing. 143 million is just the $205K "note", the "fees" and maybe the first draw-down or two on that credit line. Not even close to the total dilution that's gonna occur. More S-1 filings like this will follow- it says so right in this S-1, if they need to tap more of the credit line, which they say their intent at this point is likely to use/need it all.
Look at page 89 of this S-1, at BHRT's expenses, this money won't even cover that, let alone some FDA level phase II/III trials. No way IMO can I see how that would work?
Page 43, the "dilution projection table" shows a scenario going all the way out to 800 MILLION or more shares being used. Why would they put that in there if it's not a possibility and needed to be disclosed?
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