The Convertible Note broken down, page-2

Updated breakdown to include today's conversion.

The last row shows the hypothetical value of the issued shares (and options if exercised) as at today's close of 9.6c if they had been held. I have also added in an estimate of the outcome if they had sold them all. Since we haven't seen a 'substantial holder notice' we know they are not holding more than 31mil shares at most. We don't get any info on what they sell and when, so I have used VWAP's proportionally across  obvious volume days around/after each conversion to build an estimate of what they may have sold for.


Summary so far:

Note 1 & 2 are now fully converted, note 3 partially converted ($2.8mil remaining)

MUS has received a total of: $5.95mil
for notes issued to the value of: $7mil

Note holder has converted: $4.2mil (60% of total notes issued)
and received 75.9mil shares (Avg conversion price: 5.53c)
worth (at current SP): $7.3mil (Estimated average selling price: 9.01c)
plus 52mil options
if exercised, worth (at current SP): $5mil

If the options are exercised
MUS will receive an additional $3.96mil

The note holder still holds unconverted notes to the value of: $2.8mil



I've added in the comparison of selling v's holding in the chart below.



Note 1 to 3 have been issued (note 4 has not been issued, but does have shareholder approval to be issued if required). Notes 1, 3 and 4 include options.

Price and number of note 1's options ('A options'), were specified in the CN conditions, but the 'B options' associated with notes 3 and 4 are calculated when the note is issued. So far, only the B options for note 3 have been issued. More B options will be issued if note 4 is issued. The number of options, and the strike price for 'B options' is calculated using the closing price the day before the note is issued.

Also relevant to the CN are the options issued to corporate advisors. I have not included these in the breakdown