Zeev,
<If my understanding is correct, then TTRIF cannot draw down more than $6 MM of the remaining $16 MM, since the maximum is $2 MM per month, and they have only May, June and July. Is this correct?>
From the 4-3-97 20-F..."The company is entitled, at its option, to issue additional convertible debentures to the purchasers in amounts between $500,000 US and $2,000,000 US in each of the the twelve successive thirty day periods FOLLOWING EFFECTIVENESS OF THE REGISTRATION STATEMENT, subject to the Company meeting certain objective conditions..."
I would think for your statement to be correct (and I hope it is :-)), the effective date of the registration statement (filed with the SEC in order to qualify the shares underlying the debentures and the warrants issued to the purchasers) would have been back in July '97. Do you know this to be so? I searched SEDAR and EDGAR sites to no avail.
TTRIF actually finalized this deal and drew down the initial $6MM on 09-17-97. Hopefully, this issue date of 9-17-97 does not coincide with the effective date of the registration statement.
Any thoughts? Think we should <gasp> call the company?
Regards,
David Pickering
BTW, I will be in Orlando, FL on biz and out of pocket until Friday night. Rene, bring home the DAMN bacon! |
