Am I getting it right: "The Note holder may convert all or part of any outstanding amount of the Loan Note" at (effectively) ANY time?
If so, granting such a privilege to an external party would indeed be to great disadvantage of the existing shareholders and, potentially, could result in an extremally unreasonable dilution. I suspect that almost ALL existing shareholders who have any belief in the future of this company would gladly accept such an option if/when offered. I know I would.
Yet the offer was made ONLY to the external player... Once again we are being taken for granted.
Ann: ANTILLES GOLD ARRANGES UP TO $3M OF CONVERTIBLE LOAN NOTES, page-24
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