As I see it the funds have been advanced (as a loan) ahead of any share holder share issue approvals to facilitate cash flow, once the shares have been issued then the loan is effectively been paid.
10% interest rate in the interim seems all pretty much OK to me.
In the event that share issue approvals are not granted, then the loan falls due, no cash in the bank to run the plant (from any share issues) and we are risking cash flow problems and we could be pretty much rooted.
Cheers
Newbie Thomas
As I see it the funds have been advanced (as a loan) ahead of...
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