Ann: US$52M Term Sheet Signed for New York Battery Plant, page-15

I just read the news, seems positive at first glance (no equity component that I could see and a low interest rate) but there are a couple of questions.

1. Am I correct in assuming the plant won't be ready for production for at least another 24 months? From my brief reading, the loan is paid in tranches, one ($30m) in 50 days and one 12 months from that date. The second payment, which is almost half the loan amount, will then need to be applied to the project. Are we looking at another 6? 12? months from that point before production is actually ready?

2. Interest only for 3 years. This tells me that they don't plan to be producing meaningful revenue until 2022, further backing up point #1. It's quite obvious, as they're electing to keep payments at the minimum for this specific period while they get things up and running. That's several million $ in interest payments Magnis is liable for, and will likely require another CR at some point.

3. We're missing some key details in this brief document. Others have touched on this already so I won't reiterate. Lots of ''commercial in confidence'' talk again. We'll see if we get more info going forward.

4. Trommel, we've been over this a million times, Magnis did not pay $5m for $200m in equipment from Alevo. The entire Alevo operation for this project was worth $200m including land, building, staffing, equipment, IP etc. Don't be ridiculous.