Pantoro has held the loans 12 months at the end of financial year at which time the Term Loan can be paid out.
SOFR ( which is currently around 5.3% ) + 8% = 13.3% which is expensive money.
I agree the CR announcement may have come from left field for most ( & me ) but it is what it is … the most important point is if they can leverage value from raising money … debt free, increasing production and profits which may drive a much better market valuation.
Ann: Trading Halt, page-38
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