The convertible debenture a few years ago was a great deal. This is a good deal. There's just not much interest in Poet aside from Agoracomers. And lots of Agoracomers are tapped out. 

Poet is a speculative investment, but it would look a lot riskier to those who haven't followed it every day for many, many years.  So it's tough to get new money in. And a big time investor or institution would probably want an even better deal.