This is equivalent to a 42.5% annualised interest rate (excluding the up front charge), plus a general security charge, plus $60k up front, plus options.
It’s ~$185k in interest. If you add the $60k it’s $245k interest. That’s equivalent to an annual interest rate of 59% - still not counting the options.
Genuinely one of the worst I’ve ever seen.
Ann: Vital Metals Secures $2M Loan, page-12
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