If they drew down on the full amount from day dot, they'd owe...

If they drew down on the full amount from day dot, they'd owe $50k per month (4M x 0.0125). So over the full 18 month period that's $900k in interest, plus the principal of $4m = $4.9M maximum repayment amount. If THC were actually hitting the ground running like we all thought, and they said, they would, then this wouldn't be a huge issue, but confidence has definitely been lost on continued missed deadlines.

Realistically they've now got 3 quarters to really grind and demonstrate that the company is the real deal. The quarterly said there's only cash for one more (and a bit) quarter, with the $4M facility increasing that to three. If they can demonstrate that the business can: a) be profitable, and b) increase revenues then I don't think a capital raise will be too much of an issue to cover the debt facility. But they've definitely left it to 'double or nothing' at this stage.

I'm still resting my hopes on the CEO wanting to pull his finger out and build up the SP to receive his performance options and performance rights by July 2020. But my confidence in THC has definitely been damaged/changed my tune since Dec-19/Jan-20.