Great clarification although the Converting Loan (CL) was $485k plus another $110k in Equity.
Interestingly, the CL came with a free option which is also exercisable at .001c. However, there is a call on the option which gives the company the right to call in the exercise money or the options get cancelled on a particular date.
This in itself allows the company to potentially raise the same again ($485k) with no need to issue more equity or get approvals.
Very smart - a bit like the partly paid pref shares!
ESN Price at posting:
0.3¢ Sentiment: LT Buy Disclosure: Held
