It reads like it's a 12% loan, but can be exchanged for shares if the lender writes to the company to request it.
So even before the announcement the lender has written to the company to request the shares?? Makes no sense.
At least the shares are going to an existing holder you think would be sticky, so no dumping.
Ann: Vital Secures $1m Loan and Forms Strategic REE Consortium, page-7
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