CGNH Shareholder update
posted on
Jun 08, 2015 03:06PM
Paramagnetic Beads and QL Analyser are Proprietary Products
As you are aware the stock has been under selling pressure. At 2:30 pm the last sale is 2.8. The pressure has resulted from two convertible note holders who are in the process of selling 3.6 million shares. Over the last seven trading days they have sold 2.2 million shares accounting for over 90 percent of the total reported volume. The shares are being sold through CDEL..... I know two current shareholders who have purchased close to 1.8 million shares. There are currently 177,100 shares bid for at 2.7 and another 1.2 million bid for down to 2.5. If you read the latest 10Q you know there are two more convertible notes, one was due in late May and the other is due in late June. The activation of these notes could result in another 5-6 million shares hitting the market. However, I believe there are discussions taking place that might avoid the activation at the present time....When the financing is complete all the convertible note holders will be paid in full thereby avoiding further dillution. As far as I can determine a proposal was recently given to the Saudi Arabia investors revolving around a strategic deal....About three weeks ago a current shareholder, who I know very well, gave CardioGenics 40 thousand dollars. He received 1.6 million shares at 2.5 subject to a six month holding period. That information will probably be listed in the September 2015 10Q.......If either Chilbear, drandres, Gameson, Mustang or Mythology have any questions about this post you can call or PM me.