So the original terms which saw Brian with the option to convert debt to further equity have been cancelled BECAUSE IT WOULD BE CUMBERSONE AND COSTLY TO THE COMPANY to administer.
So intead, Brian seems to have agreed with just a Loan Advance at a rate of 8% able to be recalled with 3 days notice (presumably when funds flow into the company), I read this alteration that Brian has forgone the potential of equity conversion but still supplied the advance to the company anyway so as to ensure things progress !
To me that seems quite committed to the outcomes and future growth of the company.
If I've got that correct, the only thing I can land on is hats off to Brian for still going ahead with it anyway.
Ann: Loan with Conversion Rights Cancelled and Replaced, page-5
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