"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"

If this wasn't a public forum I'd be using a lot more colourful language, don't worry.

I guessed you've never worked or studied finance W82?

In short, a con note is a hybrid instrument - part equity, part debt. The std. version is a vanilla loan either repayable as a loan or at the option of the holder (lender) into equity at a pre determined ratio of $ lent to number of shares.

At face value, NOTHING like the wc facility PAX has just secured but feel free to keep revealing your ignorance.

I can see now why DT left after your crass commentary.