Hi tpower,
In reviewing the time table for the Expresso bridge loan POET should close the debenture on or before May 31 to avoid the default interest rate. $5 million US in cash might also be qualified with NRE?
Note that $2.5m is required to be maintained as net working capital. I suspect that NRE could also be used to qualify that covenant.
I personally believe that June is going to be a big month for us.