(bsumisu) hmmm.. not so sure.
Read the loan agreement again - they have x $ value of convertible stock. In the event of a CR said price is re-calculated.
If a CR was to occur at say 20C, then the strike price for Mt Kellet would be substantially reduced, and thus their number of share obtainable for their X value would increase. Sometime a board position or two is part of any negotiations at this point.
This is the modis operandi of Mt Kellet and similar financing mobs . Smart Wall St bankers and they are not in the business of feeling sorry for companies that are finding it difficult to raise funds from their bankers.
These guys generally work on about a min 20% PA margin. They don't go around lending $ at a few % interest - not their playground.
translation, page-11
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