Well, imagine my excitement at a learning opportunity, being provided by a sophisticated stock trading professional.
Exciting times for me.
Here are the terms of the note.
(edited for length)
"…The Convertible Notes bear interest at a rate of 10% per annum, payable quarterly on November 1, 2017, February 1, 2018, and May 1, 2018 and thereafter, on a monthly basis until maturity… The interest is payable in cash or, at the option of the Company… in fully tradable Company Common Stock… The final maturity of the Convertible Notes is November 1, 2018, but commencing on May 1, 2018 and on the first day of each month thereafter until maturity, we are required to redeem an amount of the Convertible Notes equal to 1/7th of the original principal amount, plus 10% of such monthly redemption amount as a bonus…"
Greenville Health is a principal shareholder in Oncolix and the originator of Prolanta.
They have been issued 48M shares and an additional 20M in series “A” preferred shares. They have also been issued a warrant for 20M preferred shares.
Series “A” preferred shares are convertible 1 to 1 into commons.
Their entire Oncolix holding consists of a total of 88M shares and warrants.
You cant possibly expect anyone to believe that 126M shares will be dumped into the float every month for 4 or 5 months on a $4M note.
That would be roughly 504,000,000 shares added to the O/S and public float in just a few months.
Even with liquidation preferences, that would be roughly $15,000,000+ in market capitalization given away on a $4M note that isn't even due until November 2018.
I showed my math.
A $4,000,000 note @ 10% annum is $400,000. The quarterly payment on such note would be $100,000 for the time being.
If you have math that contradicts mine, I have yet to see it.
Please show your math before saying I or anyone else on this board is posting BS.
TIA.
