it's hardly a win for him if you're trying to spin that as a positive for him that he gets to convert "cheap"
its far more advantageous for him if he has to convert at a SP of say 8c this time next yr which would mean his conversion is around ~7c as it means the company is on track and progressing and most likely on its way to 10c - 20c, he owns nearly a quarter of this company don't forget
Ann: Antilles Gold to Raise $2.0 million for Activities in Cuba, page-27
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