My original observation was to give some perspective that while...

My original observation was to give some perspective that while the price was set at a premium to the prevailing price, no equity had been issued, and in my opinion the share price would be significantly higher than 6.5c over the term of the notes. I was caught off guard that noteholders would convert so soon. Anyway, what was the market price when the new shares were issued? I believe new shares were issued at close to market price, so have we avoided dilution by issuing at market rather than at a premium to market? Granted the note transaction seems to have been well received and likely provided some assistance in the recent share price movement, but I believe that would have occurred over a longer period with the company executing its current plan.

The notes were a smart move by the noteholder/s to build a position at a fixed price rather than accumulate on market and risk averaging more than the 6.5c to get their position.

The notes was good for the company as it brings in a fresh $2m and the rate wasn't oppressive and hopefully the noteholders are long term and supportive participants.

I wouldn't say I'm suspicious, certainly not in a negative way, rather I am keen to see if the reason for the early conversion becomes apparent over the next few months... it may be quicker the way they are played the game so far. As I said previously, why give up the coupon within a week, did they want voting rights (does the conversion give them voting power of substance), or is there a placement coming - information is missing, or they may just be unconventional investors.