By my count the deal is for 16m shares at $2.50 a share with warrants to buy and additional 16m shares at $3.25 a share. Over allotment of 2.4m shares and 2.4m warrents for agreed price or 2.4m warrants at a price of $0.22 a share. This is a dilution of approximately 35m shares or 30%. The benefit is that exercise price is over the current share price and will amount to $40 million now and $52+million when warrants are exercised. This will provide additional capital for growth and development of the new longer range scanners as well as production prior to a public release. The offering price over the current share price will hopefully become a temporary floor to the share price as it becomes effective.
Disclosure: I doubled my position on the dip today.
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