Indeed, the key problem is that aside from the $4M payment and the 71.5M options, the “future funding tap” (as you refer to it) is nothing more than an agreement that LDA will agree to purchase up to $200M worth of new shares issued by HIO, at a 10% discount. That in itself, aside from the oppies, is very dilutionary for a company with a $100M market cap. The HIO holders best hope for some serious SP appreciation in the coming years.
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