I am well familiar with the CONCEPT of CNs - have used them in the past myself.
I was only questing the TERMS applicable in this situation, specifically the clause that the lowest 5 daily VWAP can be placed by the Note holder anywhere within the 15 trading days prior to conversion window.
To understand the consequences please consider a sudden 10-days period of signifficant rises of the SP and option granted by this clause to the Note holders in choosing their conversion price.
Ann: ANTILLES GOLD ARRANGES UP TO $3M OF CONVERTIBLE LOAN NOTES, page-30
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