In total over August and September there was approximately 182M...

In total over August and September there was approximately 182M shares that changed hands on market and the notes themselves are for conversion into approximately 92M shares (50% of total volume in the last 2 months). How you think someone could build a position of that size, without them sending the share price even higher is beyond me. I understand that there's likely multiple different noteholders but even then, trying to buy 10M shares over a month or 2 without averaging up significantly is not as easy a task as you may think not to mention it comes with costs and risk.

I do agree however that this means someone wanted a significant stake in the project. Whether that's because they see long term appreciation potential or they wish to sway votes is another question.

Converting with limited time spent accruing interest is an odd move and points to 1 of 2 possibilities: 1) impatient investor that wants more than the 7% return in a short period and move funds elsewhere or 2) expectation that the share price long term will not be sustained. Now I'm obviously hoping that it's the former not the latter, but it is a possibility although I think most of us in here, again, believe that there's tremendous support for a higher share price in the short, mid and long term.