It's 67c premium per note plus interest. $1 = $1.67 $9m = $15m...

It's 67c premium per note plus interest.

$1 = $1.67

$9m = $15m

If TPS redeem the $9m notes, they pay out $15m worth at 3c including the 67c premium per note. Instead of 300m shares, it's 500m shares imo plus accumulated interest taking FS to around 45% shareholding assuming no sales excluding interest. That's the way I interpret the terms, maybe you disagree. The initial funding is 3c but the majority latter funding averages 1.8c (500m shares for $9m) imo.