Yes and the reduction from $5m to $3m for Gemcorp to be able to take free cashflow to come off of the principal of the loan and the revised agreement to pay out their kicker at $5m could mean
1. The $2m can be used for the upgrades
2. The upgrades would produce more revenue that Gemcorp wouldn’t receive any extra for their kicker due to it being capped.
Embedded growth opportunities INTERNALLY FUNDED, LOW CAPEX OPTIONALITY., page-5
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