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Elite Pharmaceuticals, Inc. Message Board

  • meifud meifud Apr 23, 2013 11:41 AM Flag

    elite will be lucky to see $3 million of the $10 million -- and at considerable cost

    because elite is desperate for cash they will be drawing the maximum $80k every third business day which will result in elite getting $160k per week while issuing about 2 million shares per week

    and after issuing about 40 million shares, along with the almost 6 million that Lincoln is getting free, Lincoln will be at the limit of shares they can hold -- 10% of outstanding shares

    but elite will have raised only about $3 million from this deal, not $10 million, at a cost of almost 50 million shares

    all in all, not a very good deal but at least elite pay off the 10% loans from their ceo in july -- and some thought the ceo was going out on a limb making an unsecured loan to his own company. ha, ha, he was going to get his money one way or the other, and there were no assets, nothing whatsoever to secure any loan of any amount - even their main facility was used as collateral to get the loan that is now in default!

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