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There is so much to love about this news that I don't even know where to start. So let's start with the term sheet:
And here's a price chart:
And while you read the terms of the deal, make special note of the way GMP et al have insisted that JFI insiders have to keep hold of their shares for a year instead of doing the classic Bobby G trick. Plus Mike Jenks has to exercise all his 32c warrants at the same time.
But in the end I can't hide the fact that I admire Bobby Genovese for being able to do this sort of thing. Even after having a track record of ripping off the market like few others and scumbag morals of the complete sociopath, he's able to convince banks and brokerages to raise capital for his next scheme. That shows an understanding of how corrupt and greedy the suited people are that's far deeper and more insightful than mine will ever be. IKN salutes you, Bobby G.