Ann: Financing Facility, page-98

You are correct they can draw down $1 but must draw down $10m WITHIN the first year which could be in lumps of any amount.

This allows drawdown to match expenditure profiles.

So drawing down only what they need when they need it in the first year gives management the choice to maximise shareholder value by holding back when they know some big deals are in the pipeline and the potential increase in share value.

They have stated they are constraining costs and focussed on maximising shareholder value so this deal gives them that flexibility and us the criteria to judge their actions