Although everyone has dismissed the idea of a new note, it was expressly mentioned at the AGM as one of the options. I think they are trying for a multi pronged approach; substantial contract leading to a bank facility of say $1M, $500K out of cash, and then still rolling $1M or so into a new note. This way they keep some working capital and a bit of breathing space.
If I was to positively interpret their position from the AGM, I would think that they mey already have an alternative note holder lined up, but how much they actually need will depend on the other variables.
If they don't have this lined up then their assurances about no CR are bs.
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