Ann: MSB Enters Into $75 Million Non-Dilutive Credit Facility, page-71

.." A quick research on Hercules Capital reveals that their venture debt financing deals usually come with warrants to purchase shares in the company at a discount" .

What a special day to have Travel back on the Forum ( it says a lot about the significance of todays announcement).

In reference to your comments  and following my catch up with the specialist today ( for the benefit of recent posters - see my previous posts regarding the specialist .. it is a person who I trust about biotech and a savvy investor themselves) , I make the following comments:

(1) Hercules Capital ( NYSE listed) are very savvy investors and custodians of capital. They are publicly listed on the NYSE and have shareholders which they are accountable to. With this in mind and understanding that they are not shareholders, the degree , intensity and magnitude of their Due Diligence BEFORE agreeing to advance US$75m ... IMO will leave for dead any DD conducted by a Pharma. The fact that they are lending $75M to MSB ( unsecured) ....  speak volumes of how the "real world" sees and evaluates MSB.

(2)  Travel - You are correct ... it would be accepted normal practice and business as usual for Hercules to demand Warrants in a company they lend to ( i.e. accepted normal practice for Hercules). BUT due to the compelling investment case and disruptive / game changing MPC / MSC technology that MSB retains( plus extremely tough IP), in this case and based on todays announcement -  Hercules will not be taking any warrants.

(3) I'm happy to wait for 2-3 days regarding any Appendix 3B announcement ... IMO there will not be any ( my apologies in advance if I disappoint you - but this is my view and research).

Travel - will you accept that you were seriously and methodically down ramping if an Appendix 3B does come out and subsequently be transparent with your position as a shorter ?

GHTAH.