Those initial 15M shares aren’t tradable, they’re just...

Those initial 15M shares aren’t tradable, they’re just collateral for now. If Galan want to actually have to draw down the facility they then have to issue them new shares at the agreed discount (which, based on past examples of these facilities, usually get unloaded on the market quite quickly).

If you assume a VWAP of say 39c, less the 10% discount, if they were to utilise the full $15M of the facility that would be 42.7M new shares to be issued over and above what they just did for the capital raise.

For all JP’s talk throughout late 2022 and all of 2023 about “non-dilutive funding”, he’s been forced into arranging the complete opposite.