That's my simple guesstimate with the limited data we all have available. It is clear they obtained $3 million dollars. It is clear they sold 470 million shares over 18 months. It is clear this was sold above the current range of the average PPS. That is all I have to go on.
You can issue shares as collateral for a loan.
True, too. I don't see any toxic convertible debentures though, so that's good for now.
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