This is maybe why they pulled the trigger on the debt facility. They might have had discussions with Armada and they indicated they weren't taking them up. Otherwise why lock in a debt facility a couple of weeks prior when you know you have $2mil worth of options about to be converted? All speculation until confirmed or not on Monday.
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- Ann: Appendix 3B Exercise of Options
Ann: Appendix 3B Exercise of Options, page-21
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