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Entertainment Gaming Asia Inc. Message Board

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  • pjv2xyw9dww4b5 pjv2xyw9dww4b5 Sep 5, 2007 6:17 PM Flag

    Up to 3.00 discount to 16M Elixir Warrants

    According to the SECURITIES PURCHASE AND PRODUCT PARTICIPATION AGREEMENT ( ), the 6 million warrants with the exercise price of $2.65 will not have their exercise price reduced:

    "(i) Subject to the Placement of 1,000 EGMs on or before the Closing Date, the Company shall (a) issue to Elixir 25,000,000 shares of Common Stock (referred to herein as the 'Initial Shares') and the Warrants, (b) reduce the exercise price of all of the 2006 Warrants (other than the $2.65 Warrants) by $1.00 and (c) amend the terms of the 2006 Warrants so that they are freely transferable, subject to applicable law;"

    where the meaning of "$2.65 Warrants" is unveiled in,

    "'2006 Warrants' means the following Common Stock purchase warrants sold by the Company to Elixir pursuant to the 2006 Purchase Agreement, each represented by a written warrant agreement, as amended, and expiring December 31, 2010:

    (i) 6,000,000 shares of Common Stock at $2.65 per share (the '$2.65 Warrants');"

    Warrants qualifying for the exercise price reduction of up to $3 are,

    " (ii) 4,000,000 shares of Common Stock at $3.00 per share;
    (iii) 2,000,000 shares of Common Stock at $3.50 per share;
    (iv) 1,000,000 shares of Common Stock at $4.00 per share;
    (v) 1,000,000 shares of Common Stock at $4.50 per share;
    (vi) 1,000,000 shares of Common Stock at $5.00 per share; and
    (vii) 1,000,000 shares of Common Stock at $5.50 per share."

    I think that the 4 million warrants will be exercised after their exercise price has been reduced by $3 to $0.00. Another 2 million shares could then be had for $1 million. Elixir might not have to invest much more to get a majority of the shares.

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