yup I think you're right, at least that's how I read...

yup I think you're right, at least that's how I read it with the Everblu loan, there's also very little detail on the other private loans they've taken out - secured / unsecured, actual interest rate etc. Re: everblu loan, considering the CN's are being offered at $0.90, the interest being built in, and not directly payable I don't quite understand the requirement for the loan? ASX / accounting rules I guess?

the cost of the options, agreed, hard to put a price on, other than the 150m dilution if they're in the money + 15m extra to the company, to me the options seem high risk for an investor with only a 12 month validity period.

as someone else said, this has to be the most complicated way to raise capital ever.

I personally don't see any winners here other than Everblu and the previous CN holders who get $1.5m of shares for basically nothing and their original capital back. pretty sweet deal, loan 6.5m for 7 months and get 1.5m in shares + capital back, but I guess they defaulted on loans so they had to be compensated in some way.

Everblu really screwed them back in Dec/jan with the over issuing.

another question worth asking is how much is that SSI revenue costing them to generate, considering they're just a reseller of third party software licences, on the face of things the 4C looks ok, but lacking in significant detail.