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Friday, October 02, 2015 3:42:20 PM
"They got $2 million dollars in low cost financing, that's what!" - NO, they do not have $2 million dollars in low cost financing. What they have is a "hope" to receive up to $2 million in financing that is contingent upon Tonner raising his own $5 million, in which he will lend to OWOO on terms he sees profitable to himself and his company. The "hope" is that OWOO will receive that funding on terms that are more agreeable than the toxic funding they have so adeptly captured over the last few years. I am sure Tonner will look at OWOO's track record of welching on their signed convertible contracts and will not enter into any financing unless it mitigates his risk to the tune of getting a variable convertible note that is $0.50 on the dollar.
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