My reading of the following is that the company is signalling a...

My reading of the following is that the company is signalling a future capital raising but rather simply saying that if it does hold a raising, the note holder will have a right to convert their note to participate in the raising.

"The Lender has the first right of refusal to participate in future upcoming offer by the Company to subscribe for or purchase shares in the Company before the Maturity Date by converting the Note into the number of ordinary shares determined in accordance with the terms of the future offer."

As I understand it, they're still looking for ~$6m in convertible notes. They need at least $3.9m ($2.4m more) to complete the Estore and Emax deal.

I think this is a good result but it's disappointing that it's taken them so long and that they've only raised a small proportion of what they need.