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Replies to post #36725 on ProGreen US Inc. (fka PGUS)
05/04/17 8:15 AM
The Company has the option as to whether to use this financing, which would only be accessed when favorable for the Company and its stockholders
"We are very pleased to have come to this agreement with AMREFA. If the preferred shares had been converted, it would have resulted in 60,282,621 new shares of common stock being issued. This solution is in keeping with our commitment to avoid any unnecessary dilution of the stock," says Jan Telander, CEO & President.
"This follows our strategy to avoid any dilution of the stock from conversion," says Jan Telander, CEO & President.
As we have made very clear several times before, we have the firm intention to pay off all outstanding notes in cash, in order to avoid any dilution of the stock from conversion
The terms are better for the new notes, as they do not include incentive shares or warrants. Our intention is to pay off all notes in cash, as we did with the Tangiers note in January and the Hopple note earlier this month, in order to avoid conversion.
In response to inquiries in relation to recent bridge financing, we want to confirm our clear intentions to pay off all notes in cash from proceeds resulting from this year's harvest of chili peppers, estimated to $1.1-$1.3 million
AI
