They lent IGMB the money 2 pay off convertibles. Terms of LOI says all notes must be paid off and RS. Preferred cashed out @ .001. They gave a note to pay off notes is smart since they are guaranteed ROI no matter what. If deal falls thru, they have IGMB by the balls. IGMB needs 2 pay off that debt but cannot sign more convert notes since LOI terms say no notes. So they must dilute this or get money elsewhere via sale of assets etc but I doubt they can do that.
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