Ann: September Quarterly Report and Appendix 5b, page-64

Also the deal was struck on Nov-19 and according to the release at the time, no interest was payable for the first 5yrs. Not sure why that differs from the annual report. In any case, it’s a 10yr loan so the interest accrued over that period is not much in the scheme of things and it’s not a real issue for another 5 years. Plenty of time to get the project developed.

Vincere also got 10m in stock so I wonder if that’s how one of these larger holders got theirs: they may have acquired the assets of Vincere and now they’ve decided they don’t want the stock so they’re dumping and hanging onto the debt.

In any case, it’s a non-issue IMO. At least for a few years.