costs/benefits of a$40mil convertible notes

Just wonder what's your view re the costs/benefits of today's announcement. Below are a few quick one that come to mind.

Costs:
+ Potential future dilution if Shareholders approve the Noble/Consortium options instead of Cash Payment

+ Total cost of the finance is quite high. My quick and dirty calculation (may be incorrect) indicates that it can cost SDL something like $16.8mil for this agreement(= 200milx0.12 + 4mil + 60milx0.10 + 60milx0.10 + 140milx0.12 - 40mil)

+ 10c may become a resistance level and share price may drift lower for a while

Benefits:
+ Noble involvement meands better chance for SDL being success in becoming a Producer due to their experience

+ Better negotiation leverage for SDL with other parties

+ Less dilution if done via retail investors (which may be @7-8c and less likelihood of take up)

+ The company can fully focus on the Project in the near future instead of financing