Ann: Zero Coupon Amortising Securities Purchase Agreement, page-5

Disappointing. This is substantially different to the $15m LOC facility discussed.

Quarterly drawdowns are US$3.5m (issue price $4.12m). 18% per quarter is payday lending rates. IF they can maintain a 40% margin it will still help growth but Q1 & Q2 aren't the big fish, Q4 is the big one and with just one quarter of additional cash + the 18 Sept. initial drawdown it is nothing like the $15m LOC facility Ted talked about earlier.