23 Sept 2015capital raising announcement● NeutralMajor
On September 18, 2015 New Western granted an unnamed creditor, who is already a shareholder, options over 50,000,000 shares at a $0.00 exercise price (expiring September 18, 2020) in return for cancelling the 10% Secured Debenture of November 12, 2013 ($1,500,000 original amount) with all related interest and penalties and releasing its security. The claims released were valued at $2,000,000 for settlement; this clears the November 2013 debenture financing but could add up to 50 million new shares if the options are exercised, which would dilute existing holders.