There is nothing explicitly preventing him from doing so, to my knowledge. Jan has stated on multiple occasions that he didn't want to draw on the equity line until the sp was much higher. I think it is a matter of maximizing the value of the line. If you figure up to 75 million shares for up to $5 million, then you'd want to wait until the sp is around .067 to get the full value for the shares that you are giving up.
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