So the other thing is to remember that they can invest UP TO $USD10m - and that could come in multiple investment structures including convertible notes etc.
if they bought it all as equity - to keep below 20% it would be a price Of about 0.09, valuing the co at about $71m. Is it worth that now - or is it worth that at some future milestones? I would suggest the latter so perhaps we will are convertible note?
