Ann: Resources First Pte Ltd further supports NSL, page-2

Bit confused by this.

"...as recognition of the Company’s progress in its Indian iron ore operations, that Resource First Pte Ltd has agreed to receive 100% of its convertible Note and marketing Agreement fees in shares and options"

So they have issued AU$250k worth of shares and options to Resource First Pte Ltd, even thought the face value of the Convertible Note was US$2.5million? Or is this a separate thing entirely.

Here is the agreement with Resource First Pte from 2012.



Anyone able to clear this up for me? Never had much experience with convertible notes.

Cheers,

Tim