Ann: Appendix 3B, page-9

They have been converting their notes to stock pretty much non stop for well over a year.

They need some volume to get out when they get issued a big chunk and this is why there is a view that a convenient announcement is made around the same time as they convert each time to provide volume for them to sell into.

They still have 1.5 million notes left to convert. If they converted all these at 8 cents they would have to have another 30 million shares issued. It’s puts downward pressure on the price because there is an unending supply at a discount to the current SP.
That’s why they are a funding source of last resort because you get some cash in but it comes back to haunt you .

Magna have made millions from this $9million con note funding arrangement. The last time I did all the calculations they were ahead about $4 million. Money for jam..