FlyboyA convertable note works like this.The note has a face...

Flyboy
A convertable note works like this.The note has a face value of say 10 million.In Paanax case its 5 million.
The company then draws down on that convertable note and in turn issues (or converts) that cash drawn into shares in the company to the convertable note issuer normally at a discount to market, in Panax case its 18 percent.
This IMO is a dud deal for shareholders but keep pumping pls