That's what I get as well King. He could have converted the note any time since February 8th but did not because if he exersises the warrants to match the conversion shares before they are registered he loses that 30 day discount and it goes to 90% of the previous trading day.
As far as the timing of the registration, Verus has until the 8th to file and 5 days after that to notify Garnock. That is if the SEC does not need a review. With all that Verus has been through in the last year, spin offs, dividends, etc, and the fact that the have an award winning interim CFO I'm thinking a review would not be necessary.
The 5 day extension puts it on a Saturday so Monday the 15th would be the day he could execute. The filings say that the cap on ownership is amendable by the buyer by simply providing Verus with a written notice. So, he can purchase the entire 925,925,925 or 38% of the common if he chooses..
Here"s the numbers
On April 15th going back 30 trading days, the lowest closing price was .0064
Applying the discount of 10% sets a conversion/exersises price of .00576
Total note with accrued interest would require 219,907,292 shares
This leaves a remainder of available warrant shares of 706,018633
The remaining shares executed on the 15th would equal $4,066,667
That is up to $4,066,667 in capitol provided for a 38% in Verus.
That may sound like a lot but if the intention here is for Verus to distribute Garnock's products, then he is essentially investing in himself.
Looking forward to seeing it play out, along with the other seemingly endless catalysts we have here.
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