babbling monkey calls brokers bluff and buys, page-15

Well, that answers my concern partially and it is seems management got that part right - thankfully. The only outstanding questions is the definition of funding date. Is it the day they signed the facility?. Is it the day they first drew down the loan? Or is it every time they draw the loan?

First tranche was 25 million in December - Conversion price 4.22. If they have drawn more down recently will it be another (lower) number? At any event, it seems to have some protection in it because the price is set at 125% VWAP over 20 days. Management and advisers got that right! They only pity is that had they not stuffed the project they would never have needed the facility in the first place.

It is a crap market not to be making money. Even the money makers are taking a beating.