Dear Chris,
With tax loss selling going on in this market we have simply taken advantage of the opportunity to do a private placement at this time.
A private placement has a 1 year hold period and as a consequence a discount to market is allowed.
All of the management at Pyng including myself will be putting the money up.
as will other shareholders, The company is allowed to raise money from this source once a year.
All annual reports have been sent out to any registered shareholder for the last 10 years, This years was just mailed due to the mail strike in Canada.
We have achieved our goals by not haveing to do a great deal of financing and most of it has been placed by existing shareholders, directors and myself. The management of this company is fully convinced of the FAST1 potential and has over the years provided most of the capital required, which should only be viewed as positive.
How you can calculate that $250,000.00 turns into $187,500.0 i dont understand, if all warrants are excercised, private placement funds in total is $500,000.00 with a 1 year hold period.
Yes we can get the job done on this amount as we already have some funds available and this will top up the till so that production tooling can be completed
I trust that this may answer your concerns and I you wish further details please provide an address for mailing, as you point out you have been watching for some time
yours truly, mjacobs, president. |
