I don't think you quite understand how convertible notes work. A con note would've diluted the company to smithereens as the whole loan would've been convertible with no additional cash coming in. An option delivers additional cash and the dilution is capped to the quantum of options issued.
I think they made the right call...the only question in my mind is whether the quantum and strike price was appropriate.
Ann: $5m debt facility secured to deliver Odin gas to market, page-24
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