pax secures $5m funding, page-5

Flyboy

Under the terms of the Facility that Panax has secured with Deer Valley :
? Panax is able to draw upon the Facility, at Panax’s call, to provide required working
capital for corporate working capital and project related expenditures over the next three
years;
? Shares issued under the Facility will be issued to Deer Valley at an 18.5% discount to the
prevailing market price (as defined in the Facility) prior to the issue of the shares;

In other words as soon as Panax draws a portion of this cash, they issue that in shares at an unfortunate 18percent discount to market price.

Umm i wonder what this "deer" fund will do with those shares.Now please tell us what the difference is between this funding and a "convert"able note.Basically PAX draws down on the facility and goves Der shares at 18% discount.Looks and smells same a s a note here fly