Sorry I do understand - so these companies are owed $5 million they convert 160 million options @ 2.5c - the company gets no money... It slready got the money and psid 10% per annum.
This deal is $4 million @ 2.5c or they dontvexercise their option because the company is worthless. They hold all the assets as security. They get 500k each year and a break fee of $250k if we take up all the $5 million and want to settle early.
Ann: $5m debt facility secured to deliver Odin gas to market, page-25
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