It reads to me like they're going to be continually issuing...

It reads to me like they're going to be continually issuing convertible notes pending approval to some unknown fund who pay 90c on the dollar then convert at 8% discount plus 2% fee. In effect a 20% discount altogether but in reality more if you consider the conversion is not at the average vwap but the lowest daily vwap during a period designed for greater discount.