MEL is lent $5,000,000 at 10% interest and will get another $4,000,000 if the options are converted at 2.5c, in total raised $9,000,000.
If the options are converted an additional 160,000,000 shares are issued.
Only pays interest of 10% on the $5,000,000 loan. Life of the loan 3 years.
Only pays a break fee of 5% on what is paid early.
Ann: $5m debt facility secured to deliver Odin gas to market, page-26
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