I don't think you understand what is exactly going on here. Free loans are worthless if you can not pay them back. It sure looks like they can not pay them back now. Why they did a 7 year interest free loan is very strange. There must be more to this. And what if they casn not raise the 200m? No loan.
I don't even bother with the details anymore. Anytime company raises money , vs. this or that , it's dilution. Assume it. Whether it's 1m or 200m. They say they're making money, then leave shares alone. That's all I got to say.