Ann: Minera Sales Advance Received, page-18

Wow that last paragraph is powerful. The SP was 3.9c when they issued this loan. Really shows managements confidence that they'd even think of writing in a clause like that. Regardless, its not fair by any stretch of the imagination. It doesn't really align managements interests with that of shareholders either as now they are faced with an incentive dilemma. If the SP has a 5 day VWAP below 0.96c they get a million dollars for free.