I compare the notes to other notes issued by predatory lenders such as La Jolla, Bergen etc. They differ slightly but the terms of the MIZ notes appear more favourable because they get the 18% interest plus the 20% vwap discount in an unknown conversion window. It's debatable whether or not placements would have resulted in less dilution, I doubt it very much personally.
Webral, I really can't understand the logic of what you are saying above. As I understand the mezzanine debt is for $650K in straight debt and $600K in convertible form. So in light of the $6.5mill purchase price I would consider 1/10th of that as convertible as a rather small dilutionary risk compared to an SPP or rights issue. I just can't see how it is debatable which would create more dilution. Maybe I'm reading it wrong?
I compare the notes to other notes issued by predatory lenders...
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