Did you notice that DGF owns 7,776,784 common shares which is 4.99% of the O/S which makes the O/S 155,535,680 shares.
Plus DGF receives 12,500,000 shares of common stock issuable upon the exercise of the Warrants held by the selling stockholder.
This prospectus relates to the offer and sale from time to time of up to 47,500,000 shares of our common stock by the selling stockholder. The number of shares offered for sale by the selling stockholder consists of up to (i) 140% of the 25,000,000 shares (or 35,000,000 shares) of our common stock currently issuable upon conversion of the Preferred Shares and (ii) 12,500,000 shares of our common stock currently issuable upon exercise of a warrants held by the selling stockholder (the “Warrants”).
Let's say that DGF has 47,500,000 shares - at the current price if all the shares were sold at the current price DGF receives ~ $10,000,000.
Add in Newbridge where they received 2.5 million shares plus $375,000.
So OWCP paid ($575,000 + $375,000) + $10,925,000 = $11,875,000
That is a damn great deal for Newbridge and DGF.
This is very much a dilutive deal.
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