Ann: Notice of NoteHolder Meeting/Proxy Form, page-3

so, likely to have ~$30m face value in 18 months time.....

quick n dirty:


backed into a corner - this transaction has a setup cost of ~$4.2m instant mark up to the face value. Zero other options/alternatives.

After 18 months, the notes will balloon to $29.2m face value, or 292.3m shares if fully converted at 10c! Noteholders effectively take 62% of the company, with current shareholders shrinking to 38% of their former position....

better than going bust I guess.....

caught b/w a rock and a hard place....