Wait... so effective 18% per annum if repaid in cash.. or 24% if...

Wait... so effective 18% per annum if repaid in cash.. or 24% if shares issued. Or have I mis-calculated that (1.5% / 2% times 12)

Also, 665,000 paid up front to secure the $5.5 million.

Don't think I've seen a bigger rort...

And yes before people ask - first post on here yadida - a mate of mine flagged it to me and this is the same response I gave when I saw the terms.

Taking out a death spiral loan, to pay back a death spiral loan (CN's).