Ann: Unmarketable Parcel Share Sale Facility, page-21

MXC just received a tranche of $ 2.25 m recently and can draw up to 15 M .

The debt is payable is shares.

or if the Lender chooses - in cash.

I'm thinking this is real money. Paid with shares or cash at demand.

If you've ever applied for a loan, you need a good pitch - and the hurdles ticks and crosses that need to be endured are annoying.

I'm thinking some bank giving me 15M - no collateral and the promise in shares - the pitch has to be good .

the bank here has the presumption of redeeming their debt in shares or liquidation.

We know the only asset is proprietary here and are not worth 15M . The shares here in freefall would be worth collectively less.

So why then lend the 15M ?

- I'm sure they've visited this page to see the lay of the land ?

- what were they told about the sky that this page cannot see. ?