the terms of the note are fantastic, page-39

the notes are ok in my view, and prr is materially better with than without them (and suspect MR negotiated the best outcome he could) but i would not describe them as fantastic.

they are essentially a fixed price note (as the vwap measure wont apply where the share price is above 9c). accordingly, practically, they dont appear to minimise dilution at all (other than the stated 'additional safeguards' although these safeguards apply when the share price is low, eg below current levels, which is a good downside protection, but of no relevance where the share price is where we all want to see it ie higher.

in my view the terms are better than fortrend in terms of size of draw down (which is probably the key consideration) and selling pressure limit (I think Fortrend has a 5% shareholding limit above which it must sell shares), but not as strong when considering pricing (ST is materially more dilutive than fortrend which is purely vwap based), cost (additional 15m options issued to ST, which I dont believe Fortrend receive), optionality (fortrend can be drawn as needed, whereas I think ST must be drawn, although this is not clear to me).

Thats my view, a clear positive to have it, but fantastic is not how I would describe. I would say its a fantastic set of terms for ST (they get fixed pricing and therefore option value, and a good option package sweetner), an acceptable/ok set of terms for Prima, but overall, and focusing on getting the financing rather than the terms, a very good result to have access to $25m of capital.