116m is the current OS and has no relation to Flotation Tech. we will not know the details of the financing/share distribution for the Flotec deal until it is finalized.
No it is actually from the conversion of all of the Series D preferred stock owned by the CEO and his wife. It was around 25,000,000 shares and dramatically strengthened the balance sheet and saved us money. From the PR it sounds as if the financing of Flotec will cash based. I expect the company to borrow the funds from Prospect Capital Corporation or a similar outfit and for the remainder to be issued with preferred stock that would not be convertible into common stock. So strictly cash and no more shares. We shall see.
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