150 million approved yes, page-32

Upon the issue of Notes under the second tranche, MOL is obliged to issue Warrants to the Note subscribers equaling 15% of the fully diluted issued capital of MOL (on a post Warrant issue basis) at that date. The Warrants have a 10 year maturity and are exercisable into 1 new ordinary share in MOL for each Warrant held at an exercise price of $0.0001. The Notes are due for repayment in 12 months from the draw down of the second tranche

So issuing about 16million shares ~ $24million worth if 1.50 price is used.

So they are effectively getting $150million in finance at cost of $174million seems to imply 16% interest rate.

Not great, would have thought a convertible note issue to shareholders could have been done at 10-12% surely