re: Ann: IronClad to raise $11 million Fully ... The way it looks to me is that IFE get into production with debt funding which is covered by the value of the new options expiring 30 March 2012.
The debt funded portion is immediately repayable at the time of option exercise (assuming this occurs) if they do not wish to use the funds for other development?
Ann: IronClad to raise $11 million Fully Underwri, page-13
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