The full terms were:
We collect 90% of the face value of the note (which is in my calcs as cash outlay vs debt principal). So for every $1m in debt, L1 only had to outlay 900k. Or on tranche 1B, we owe them $1.33m for the $1.2m they gave us.
On conversion the full 3 year term of interest is immediately accrued, so add 25.05%.
On conversion, they convert at a price equal to 120% of the average of the 2 lowest daily VWAP over the preceding 5 consecutive day period.
Ann: Appendix 3B - Part Conversion of Convertible Security, page-26
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