Inception debtholder stamp of confidencethey accepted a $50 million non interest bearing promisary note convertible to spartan delta shares within 5-years at either 2x $3.83 or the 10-day average prior to conversion notice.
so inception debtholder seems to be very confident that spartan delta will be worth meaningfully more than it is today, to accept a non-interest bearing unsecured convertible note,
the fact company shareholders accepting new shares at $3.83 also seems to be meaningful.
the original insiders had their 1 cent shares ($1 today after split) which is 4x appreciation since, but that was consistent with other small Canadian energy co share prices. It should be noted that at the time, the company was a 200 boe/d producer under Return Energy and should be worth more today.
just my 2 cents as I delve deeper thru their documents on sedar to reassure myself.
feedback on above thoughts appreciated.