IBXOA Option Holders / Rights Issue / Funding by Mercer, page-5

Mercer get shares at 90% of the vwap with a floor of 1.25 cents. Thats how I read it. Any conversion in first 3 months is 3 cents.
Yes, convertible notes are one of the worst ways to raise capital, and the most adverse way to affect the humble retail share holder.
Mercer win, we lose.
IBX have form though.
However, in 2021, IBX, via Bob, gifted millions of free options to a WA based finance mob when the share price was booming. I once mentioned this to Geoff Hollis and even he acknowledged this was a huge mistake.
Looks like history is repeating itself, except the share price is dying a slow death.