Dominovas Energy Corp (OTCMKTS:DNRG) management team is working on a plan that strives to reduce the company’s convertible debt that currently stands at $700,000. With the reduction, the exploration stage company hopes to move away from convertible debt utilization as the only source of financing.
Trimming Debt Burden
Early this year, Dominovas Energy received $7.5 million in new financing from GHS Investments that it now plans to use as working capital and for reducing all outstanding convertible debt. The company has already entered into discussions with convertible debt partners as focus shifts to striking a deal that will help reduce the convertible debt as well as avert any stock over dilution.
Repayment, in this case, will be made in cash instead of shares as part of an effort that seeks to protect current shareholders from over-dilution of their holdings. Talks are also underway with GHS Investments to see how the $7.5 million financing will be paid as part of an effort that seeks to avoid another convertible debt debacle. Given the current financial position, Dominovas Energy has no plans to take any other debt in connection with the ongoing restructuring plan.
In a recent press release to shareholders, CEO, Neal Allen, stated that the exploration stage company is financially sound as focus shifts to developing long-term energy solutions that can yield exponential benefits. The executive also believes the stock is highly undervalued given the milestones achieved over the past year as well as the company’s growth prospects.
Amidst the positive talk by the CEO, Dominovas Energy Corporation has significantly underperformed in the market. Its prospects and sentiments in the market have mostly been affected by the weight of the convertible debt that continues to spook investors.
The bearish pressure on the stock remains very high having already experienced a 1003.63% increase in short interest positions. Dominovas Energy Corp (OTCMKTS:DNRG) sentiments may only improve, on the management team showing more progress elimination of the massive convertible debt burden.
Progressive Care Inc (OTCMKTS:RXMD)
Progressive Care Inc (OTCMKTS:RXMD) has made immense progress on its push to become a mainstream name in the pharmaceutical business, at the back of a rapid expansion drive. Expansion into New Jersey and Pennsylvania has all but underscored how serious the Florida-based health care service provider is about expanding its footprint into new states.
The expansion drive is already paying up, the company having posted record sales for the month of June. The same has already prompted the expansion of the current warehouse space as part of an effort that seeks to bolster the handling capacity to ensure the company dispenses more pharmaceutical products.
Approval of building permits in Miami-Dade County all but provides Progressive Care Inc (OTCMKTS:RXMD) a unique opportunity to bolster its prospects in the industry. The company also remains bullish about attaining its growth targets having inked a $2 million financing deal to help finance the expansion drive.