Ann: ANS: Proposed $100m Placement & Strategic Investment in Sund, page-229

Extract from your post:
quoted
If the deals go through and ANS and the note holders exercise their options then they will hold a combined 80% of stock in SDL.
Unquoted

Not 80 per cent, around 78 per cent. If their equity ownership (both ANS and noteholders) will reach 78 per cent, it means that the share price has gone up beyond 0.020 which is more than four times than current price at 0.005. It could only reach 78 per cent after the convertion of options by ANS and noteholders at 0.020. I am happy that they will own 78 per cent of SDL. This means that my wealth in SDL will increase more than four times. Hehehe