Ha! I got paid alright, right up the #$%$. If you looked into the history abit you would find i got this handle from trading pphm. Yeah i got paid.
The Facility Agreement has a term ending on March 29, 2016. The remaining $7.5 million under the Facility Agreement will be used for certain working capital purposes approved by the Lenders. Loans under the Facility Agreement will be made by the Lenders pursuant to utilization requests delivered by FEEB. FEEB has the right to deliver up to fifteen utilization requests under the Facility Agreement. FEEB delivered its first utilization request under the Facility Agreement for $500,000. Any amounts requested by FEEB pursuant to any subsequent utilization requests are subject to the prior approval of the Lenders. Loans under the Facility Agreement will bear interest at a rate of 25%. The Facility Agreement provides for a commitment fee of 7.5% of the total commitments under the Facility Agreement. The commitment fee is payable upon repayment of the loans. Upon a change of control, FEEB is required to repay all amounts owed to the Lenders under the Facility Agreement.
The Facility Agreement contains certain restrictive covenants, including, among others, prohibitions on entering into certain merger arrangements; on selling, transferring or otherwise disposing of assets; on creating or permitting certain liens; on making distributions; on issuing certain equity securities; on making a substantial change in the nature of FEEB's business; and on incurring certain indebtedness. The Facility Agreement contains certain events of default that could, subject to certain conditions, cause the amounts owed by FEEB under the Facility Agreement to be immediately due and payable.
Just more debt and more time to collect a salary for those at the top. Have we reached the “feeding frenzy” – “hockey stick” – “tipping point” yet??
How long must shareholders continue to get “screwed”…. Sub penny soon-- JMHO
I think we'll hear everything (good/bad) when/if the ODP is approved. Who would want to take over/buy/run this without the ODP in place? I'm still disappointed about the blackout, not filing the 10-k (why isn't the SEC going after them for this?), production #s, etc., etc. This is either a big bust or a big deal.