The board passed a resolution that the convertible notes were only redeemable prior to funds being paid.
All funds for options have been paid so any change in purchase will lesson the bank debt and not effect the amount of options available to be converted.
Game , set, match to the convertable note holders.
Taking into account most options are at 2.2 cps and the rest are at 2.6cps and 3.7 cps it is highly likely all options will be converted.
Ann: Company Update, page-19
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