Ann: Initial Drawdown Under Tribeca Finance Facility, page-5

If I'm reading this right, AJQ is paying 9% interest plus 41M options exercisable at 16.6cps in 3 years to borrow $6.8M. By my reckoning the options are worth at least $500K with AJQ at 12cps.

By comparison, SXY is paying 6% interest (reducing to 5.5%) to borrow $150M and no dilution.

Both are East coast gas stories.

I assume there is a big difference in the value/quality of the collateral or the abilities of the relevant management or the T&C of the loans, etc. I suspect Tribeca will do well.