Wow,

I think Cardiogenics will raise between $1-2 million at a share price of 10-15 cents per share. I hope that no warrants will be issued but I am doubtful of this being the case.

If Saunders is willing to fund the entire PIPE, his worse case scenario is that he will own approximately 20% of Cardiogenics. His best case scenario is that he will own approximately 33% of Cardiogenics.

Ante