There are way more conditions to that credit facility than you would think.

In fact, in order to maintain the minimun rate of interest of 15% there is a condition that $5M US shall be raised before may 31st, 2019.

If this is not met, than then payable interest rate will be 22%.

Just to calrify, the $500,000 raise that you refered will only unlock $500,000 from the credit facility.

Another $3,100,000 must be raised by July 1st to unlock an additionnal $1,000,000 from the credit facility.

Finally to unlock the last $1,500,000 of the credit facility, the  final approvals of Denselight sale must be reached by August 15th.

The question I'm asking myself, is how more funds will really be required from the credit facility to bridge us to the sale of Denselight?

If it is indeed a total of 10M$ CAD ($7.3M USD) that are required as per their news release, we should expect that POET will denitely try to meet its May 31st covenant of raising $5MUSD facility to avoid paying the hefty 22% interest rate.

Please note that this could be done by having some warrants/options converted into share but for that a higher share price is required.

Anyhow, the good news is that the financials means to bridge POET to the sale of Denselight are definitely in place. Management are confident as shown by their debenture acquisitions. Further indications of funding requirements will probably be found in the annual financial statements and MD&A.

Raise that $5M USD before the end of May and move on!