The only section of the funding package which is convertible is the last 2 quarterly payments out of 8.
These quarterly payments start December 2018. Therefore the only time he can convert the last US$3.75 million into equity would be around the middle of 2020, at the 15-VWAP preceding the request.
That's a long time to keep a lid on it....
The only section of the funding package which is convertible is...
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