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So up to CAD$40m for newly issued TAAL shares. Trading halted because of this news (I confirmed with Matthew Whitcomb via email). Some thoughts: * if you look at previous volume on CSE or OTC TAALF, peak daily volume is 139k-189k. I don't know if that is # of shares or $ amounts. Either way it's not a lot. Most days volume is well below 100k. * The offering is for a minimum of $26m, up to a maximum of $40m, at a price of $4.60. Each unit will have 0.5 units of a warrant to buy at $6 too. * If you have several million that you wanted to invest into TAAL, the public offering is really the only way to buy in size. TAAL is saying they feel confident that there is enough interest from investors to sell $26m worth of shares. * Yes it dilutes existing investors, but this shows us there is demaend and given how low volume is on exchanges, a public offering makes sense. * It also should create strong support at $4.60, which is a decent 2x+ for most existing investors. https://www.taal.com/news/taal-announces-public-offer-40-million/
miggy tipped:
Grapevine telling me the first 26M was Calvin Ayre and friends. Thats why it was a minimum 26M.
liam replied:
Calvin already holds something like 40-45% of TAAL shares. But yes probably Calvin's friends also getting in now.
seangray replied:
Calvin gets to buy 10% of every PP as part of his initial agreement to fund the company with debenture loan. Every PP.
amu replied:
Interesting@seangray That is not a bad thing. Means control of the company rests in strong hands and he has the ability to retain such control going forward. Wish I had the cash to buy 10% of every PP!
Re: halting. It's not clear to me why announcing an offering would result in a halt. The halt normally comes from immediate/drastic market conditions -- in this case there wasn't the opportunity for any as it was halted right at opening for CSE. There were a lot of interim filing certifications posted at the same time... curious if IIROC had some concern there. Somewhat separate topic. Given the massive effects of social media on BSV given CSW lawsuits and other issues (sybil or otherwise; see... well, pretty much anything... swarm on Gary V, de-listing attacks, etc.). Do you all see significant potential short attack? I wouldn't be as concerned, but as established financial institutions and deep-pocket players have more and more at-stake at preserving BTC interests... it could be a sustained, relentless, attack at some point. Thoughts?
amu replied:
This is a possibility on any stock, but yes, even more so with TAAL. It is important to manage risk differently with this holding given the vitriol toward BSV & Co. Only buy and hold what you can truly afford to hold. If there is a relentless short attack the real value of the company in unaffected, and there would be little reason to sell shares simply due to the short interest increasing.
liam replied:
It's very possible TAAL also suffers from the short attack. But I think TAAL will continue to outperform BSV in the next 1-2 years because it seems harder to short TAAL than BSV. Especially with BSV on exchanges like Bitfinex where I wouldn't be surprised if naked shorting happens on BSV. Seems most of the $40m public offering has already been sold. That was quick.
pjerdman replied:
It’s hilarious watching the BTC crowd celebrating the fact that billionaires and companies are on their side. How many times did they attack BSV for having a billionaire’s backing? It’s blatant hypocrisy. They all know that tether is propping up BTC but they don’t care at all. As long as the price goes up they could careless about if BTC stays true to bitcoin. It will be an interesting next couple halvings (especially if BSV still exists). Who knows what will happen? No matter what it will be BSV (bitcoin) against whatever perversion of bitcoin they are pushing in the future. Right now BTC is so obviously not bitcoin that it’s laughable. For now BSV is bitcoin and we will have to wait and see if bitcoin survives or if somehow BTC and the propaganda machine find a way to do away with the last remaining shred of true bitcoin once and for all.
Thanks for info