RAI it would seem never used the facility. They just pay the...

RAI it would seem never used the facility. They just pay the annual fee.

http://raisama.com.au/wp-content/uploads/2010/08/2012-04-19-RAI-ASX-Issue-GEM-shares-and-tranche-two-placement-v21.pdf

"The Company also advises that it has issued 2,386,635 Shares to GEM Global Yield Fund (GEM) in payment of the arrangement fee due on the 12 month anniversary of executing the
$20m equity facility (Facility) with GEM in April 2011 (refer ASX announcement dated 12 April 2011). For the avoidance of doubt, the issuance of these shares does not represent an
actual drawdown of the Facility."

Series 3 notes were 10% discount but had the 5% of profit attached.

So on the surface GEM is the better deal. I beleive the next series notes will be more like series 1 and not have and 5% royalty.

Wonder if they would have considered it without the SG clause?