It’s not entirely clear that the issue will be underwriten since “non-completion under the CMIC Agreement” was a termination event in the underwriting agreement. IMHO, Casimir, the underwriter probably have a way out that they will not exercise since they get fees, options and more shares at 20c. But if the SP does get below 20c, perhaps they would consider pulling the plug. I know of one case where Paterson did that.
BTW: was looking at their cash position. Here’s a rough estimate for end of quarter (Sept 10) in $k
$879 Start of quarter
-$1,050 Operating costs for the qtr
$1,000 Options exercised so far
$1,000 5M shares for Casimir at 20c.
$3,544 Options to be exercised by Sept 30
——
$5,373
Number of shares after 100% option exercise.
(Shares and options in escrow were ignored in the previous post.)
85M (85,088,767)
So at current price (28c) mkt cap will be $24M. At 20c, mkt cap $17M
So plenty of upside, just compare the current price to the graph but note that there are more shares outstanding now and the project seems further from comercialisation now.
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