Ann: Application for quotation of securities - IHL, page-25

Agree @1ncog, far better off issuing 80 million shares in the raise on the Nasdaq at 40c, (or 1.6 million ADS's) then 160 million at 20c. Way less dilution.
That being said, a Dr writing out a 4 million dollar cheque is an enormous vote of confidence.
Win win for share holders. At a point I thought he would convert them all, but 40 million is a big amount for anyone to find.
I hope he doesn't convert more and rest is done on Nasdaq now I really think about it.