ARE Charts Thread, page-111

downunderboy, what you have said is incorrect so its best to read the AIS announcements late 2015. There are CRPS 560,463,653 and CNRPS 140,115,913. There is also a 5% payment if Cu price goes above $8000/t, and more at $8750/t and $9500/t.
To redeem all the notes is something like $50 million, and have until 31st DEc 2019.
The CNRPS and CRPS convert automatically on the 31st Dec 2020, its possible for another shareholder to buy like Glencore, or AIS could conduct a SPP and raise the funds. But the CRPS and CNRPS can be converted earlier if the shareprice is high enough for the holder to want to exercise them, which is possible.

http://www.asx.com.au/asxpdf/20150803/pdf/4307vg0md5h6p4.pdf

I should point out that ARE already has far more shares than AIS will ever have. ie ARE number of shares currently is 1,170,063,799
AIS currently has 140,116,703 shares.
So even if the shares as listed above are converted, which is unlikely then  the number of shares will be 840,696,269 shares.

Now, Argonaut ARE has a 4 x the market cap of AIS.  However,  ARE only has a 30% stake in Torrens, whereas AIS has a 70% stake. ARE  is more likely to raise further capital to fund their share of drilling (further dilution), whilst AIS will have no problem to fund their share from cashflow.
I do add that I'm a  ARE shareholder. I'm not bagging ARE as I do like seeing the improvement in the ARE share price, but to see ARE at 4 x AIS is just crazy.

AIS, is doing OK with Cu at present as Cu is now US$3.10/lb or AUD$4.08/lb. Just imagine if Cu goes up to US$3.50/lb, AIS is producing Cu at the rate of 24,000 tonnes pa. so it has sales of AUD$250 million and profit of AUD$50 million, and can easily buy back the notes.