I'm glad someone else has interpreted this like I...

I'm glad someone else has interpreted this like I did...open to correction.
Hio can issue "up to" 25million shares. (max 10 x average daily volume over 15 days leading up to the call) So less if they wish or can - what ever would equal the sum of the 10million drawdown using 30 day VWAP calculation.
We know simply from looking at the past month the VWAP hasn't been below 40c(I don't think). LDA can have 90% of the maximum Calc per share. IF, LDA sold there shares immediately they would literally loose serious money.
I.E just as a loose example- 90% of 40c is 36c x 25million = 9million. instant 1mill loss. now the whole facility is 200million - why would they do that?!
Therefore it is in their best interest to have the share price rise to at Least a minimum .445 (x90% x25million shares =10million) before selling.
And it is in HIO best interest that the price goes even higher because then they could issue less shares to achieve the same value- either way once the deal is struck I can't see why LDA would consider selling shares at a loss. Not with the total size of the facility still to be used!
Happy to be corrected!
dyor etc..