You are told interest is paid quarterly. Would you not expect the 1st quarter to be May 25?? .....since the close date was Feb.25??? So ...based on the terms..your brain would say RCF would be paid in shares based on the weighted Average Share price 20 days prior to May 25. So...this would be May 5....
Babjak1.....You are, in my book one of the most respected posters on this forum.However
this time you are off the mark. Loan facility for 15 Mill. at interest rate of 10% per year was
closed on Feb 25/2013. One month's interest would be $ 125,000. Noront delivered
474,941 shares at a price of $0.2942, which is a volume weighted average price during
20 trading days prior to March 28/2013. That means that average price was calculated
from Feb 28 to March 27 inclusive ( 20 trading days prior to March 28/2013.
Multiply 474,941 shares by a price of $ 0.2942 to arrive at $139,727.64 or slightly more
than one month's interest of $ 125,000. So next interest period should be the end of June.
Regards and GLTY and all,
Fossil
