They did walk away! They took their $10m and ran for the hills. The 1st tranche was already issued and under AVQ's control! The $5m was going to be drawn upon no matter what. That they could not cancel. Why is this so hard to understand? They cancelled what they could cancel.
Incor would have been issued shares at 37 cents but they bargained their entry price to 31 cents. A win for Incor!
Then they cancelled the remaining $10m facility. A win for Incor! less exposure to a sinking ship. Otherwise AVQ could have drawn upon that $10m as well and the money could have been lost forever.
You slow?
Ann: New strategic shareholder, page-68
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