yeah.. but this magna group is allowed to take shares for the loaned amounts plus 15% in value whenever they want to, and they can do this at 20% discount to the 5-day sp... meaning that there is now a solid cap on the sp, meaning that it will likely head to 1 cent again, then where from there is anyones guess..
holding shares in this company and monitoring its performance has been like watching someone fleecing money again and again and again...
it now has a loan that is the value of its market cap.. and it can be repaid in shares.. so is magna taking over the company ? who will they sell off their shares to, once they convert loan to shares ?
where is the new Business Development which has since dissappeared from the Quarterly statement to this statement on new financing... they been mentioning new african producing asset or the past yr or so, but nothing.. other than mentioning it again when they need to raise cash..
its like when i was looking at properties, i noticed that most of the owners (looking to sell) were mentioning how they have a serious buyer who is looking at breeding horses, so i better be quick with my decision.. haha.. he flavor of the month for the oilers seems to now be -we are looking at new opportunities=african producing assets.. haha...
so they got a short term facility of half a mill to pay a specialist consultant and as part of potential deposit for said asset.. but then they get a loan for 4mill over 3 yrs to pay for the existing projects; one which is on mothballs and the other which has been farmed out...
where is the african production asset ?
QFY Price at posting:
2.8¢ Sentiment: Hold Disclosure: Held
