Ann: Loan with Conversion Rights Cancelled and Replaced, page-9

So the original terms which saw Brian with the option to convert debt to further equity have been cancelled BECAUSE IT WOULD BE CUMBERSONE AND COSTLY TO THE COMPANY to administer.

One amateurish stumble after another. So this wouldn't have been obvious from the outset ?

Really, this mob ( read BJ ) seem to making it up as they go . Amateurs at a corporate compliance level , hopefully a lot better at picking a winning exploration target - though I see the ability to fund their goals as problematic at best ( I would not count on the arbitration pay-out as being part of the solution) . Just my thoughts .
As a long termer I obviously hope for the best . Cheers