Thursday, December 04, 2003 10:02:39 PM
1) The PP is dead. The $8mm that was to be raised by the pp is now coming from the cd.
2) The CD is most likely structured similarly to what the pp was, but with NO downside limit... the pp had a limited number of resets over a period of time, the cd most likely is continuous.
3) The warrants option, if properly structured, could give the cd holder the needed incentive to let the share price rise, rather than short it into oblivion.
4) There was mention of $500,000 advance to be paid on signing of the agreement (over 2 months), even before registration of the shares. This will help with immediate cash flow needs, and should eliminate the need to sell additional shares on the open market for cash.
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