re: Ann: US Fund Investment Allows Completion... 'Convertible'...

re: Ann: US Fund Investment Allows Completion... 'Convertible' is a word that tends to ring alarm bells and unfortunate they used it but looking closely at the terms, there's only $75k that's like to be issued at a discount and providing the load is repaid promptly this is the only cost of the loan. If not repaid within 70 days then it's 12%.

I'm not sure how the option of conversion is going to work. Is it 6 weeks or 4 weeks notice required for an EGM? If it's 6 they can't do it. If it's 4 they'll have to issue a meeting notice in the next few days. I'd hazard a guess this is a fallback option, they expect the 5m euro to be delivered in days and if not they'll go to the meeting option. As I read it the drill rig will be moving as soon as the 5m is in the bank.