"MLX and CYM have come together to redevelop Nifty and have managed to significantly reduce the development risk by securing a cash injection of $90 million via the CYM raise. Hopefully this will be enough to bring CYM to a point of production and barring any big production setbacks everyone may do quite well."
100% That's exactly what has happened. MLX has retained more or less a 40% interest ($36m convertible note at CYM's new EV of $90m) in Nifty, without needing to put a single dime in to future development.
CYM - hey MLX, we think we can turn around Nifty. give us a chance?
MLX - yeh sure, but can u pay us $60m cash?
CYM - lol no, our market cap is only $24m and we only got $5m in the kitty so....
MLX - lol ok.
MLX - well actually, Cu price is mooning so we wanna keep our finger in that pie, so how about this instead: $24m cash upfront, and then you pay us $9m a year for the next 4 years with 4% p.a. interest (loan), but at any time we can swap the loan part with shares in the company.
CYM - ya, that's fine. we found $90m under the mattress lol
MLX - lol nice. buy bitcoin.
Ann: Reinstatement to Official Quotation, page-36
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