The original USD$1.5M draw down was underpinned by the issue of USD$1.78M convertible notes. Not really "no interest" IMHO, but then again has ADO ever been up front about anything when GC was there?
So Bergan put in USD$1.5M and got USD$1.78M then USD$0.5M and got USD$0.5M.
Hence USD$1.78M + USD$0.5M = USD$2.28M in convertible notes with $1 to $1 face value, plus of course the commitment shares and the options.
Ann: Appendix 3B-ADO.AX, page-55
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