The first tranche will be $6 million. $5 million of the proceeds will be used for regulatory capital as a condition of the license and $1 million for operating expenses.

The second tranche will be $5 million, the minimum additional capital required by the prospective CEO in order for him to leave his current employer and move to Puerto Rico. 

The third tranche will be up to $89 million, the proceeds of which will be used to make loans and to support deposit-taking.

There are currently 224,233 shares outstanding that were purchased for a weighted average of $6.47 per share. There are warrants to purchase 704,681 shares for $10 per share.

New investors will be able to purchase units consisting of a share and a variable number of warrants or shares for $10.00 per unit or share, depending upon how soon and/or how much the investor purchases.

Thus, if the project does not work, all investors will have suffered the same downside, but if it succeeds, the earliest and largest investors will have a significantly greater upside for taking greater risk.