This statement from resolution 2 of the 11/12 notice of general meeting seems to indicate otherwise:
Holders of the $245,000 of Converting Notes rank as unsecured creditors of the Company, and the Company has the right to elect to convert the Converting Notes into Shares at the conversion price of $0.001 (0.1cents). The conversion right is subject to, and conditional upon, shareholder approval.
ODN Price at posting:
2.6¢ Sentiment: Hold Disclosure: Not Held
