us$6m convertible note facility, page-8

The interest rate means nothing when the notes can convert at 80% of 3 lowest VWAPs out of 21 days!

How many holders would own these on margin and have agreements that allow the shares to be loaned out for shorting?

If I was LJC, I'd try to find a way to sell first and convert at 80% of my 3 lowest VWAP days. Seems like straight-forward arbitrage?

Maybe, as someone pointed out, is better than nothing for shareholders. Just don't see how it can be better than selling at current price though. Just my view.