It will be interesting to see what Ariadne will do. The conversion of notes took them to 26% on 22/12/17 so presumably they can start creeping 3% every 6 months sometime soon ? They would have a strong understanding of the cashflow projections and timetables and presumably support the future direction. Given Ariadne had $30m+ in cash on hand the $1.5m cost of picking up 3% each 6 months would be chump change for them.
NO Sales, page-5
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