dilution from notes interest payment in shares

Notes on issue are approx 20m.

Shares on issue now 2B?

Interest is approx 12%

Based on the above and considering dilution from the next payment (September), current holders (and who don't hold notes) may have significant dilution. For example...

20M@12%=$2.4m pa interest.

Next installment is for 6 months (i.e.approx 1.2M.

This equates to +1.2B shares issues (if at 0.001)

600M @.2

300M @.4

Also note that at maturity of notes they convert into shares at coy choice.

Something to factor in when holding or thinking of holding from now.

Discl

Minor holding (in case of good corp action) and may look at entry at .1c or .2c