Ann: Conversion Notice - Glencore Facility B, page-15

I'm pretty sure that Glencore will clutch at any straw they possibly can to get out of the conversion of the loan for shares. They would have had their lawyers going over this with a fine tooth comb looking for any and every possible out that they can make a case in court (please note it doesn't mean a winning clause, just something they can argue).
Once they have found the argument points, they will drag it through the courts as long as possible, until AMI don't pay the September due amount, then go for the default on that as well. Meanwhile AMI will claim no payment due as they have shares not debt, but it will give Glencore more ammunition to keep it going in the courts for longer.
Whatever the decisions of the courts, Glencore will continue to appeal, even up to the highcourt, dragging it out for years and hopefully staving AMI of funds in the process.

What AMI need is a white knight to come along, pay out all that is owed to Glencore for something like 50% of the company plus a new loan to do the changes. Anyone got a spare $150m hanging around? The problem is that with the existing reserves and changed resource, using current prices, would anyone make any money out of the investment? Currently the answer is NO, without exploration success.
AMI need to quickly stick some holes in H3? plus some other highly likely untested areas ASAP and hope for some decent hits. Only then does the white knight become possible.

I have a feeling today's trading was all about a condition to turn the debt into equity, as in the shares had to be freely trading to make it possible, and I wont be surprised it it goes back into suspension very shortly. I think they have played dirty/tricky with Glencore, which is never a smart thing to do with a major.

Of course the conversion notice on Glencore, gives Glencore about 50% of the company, meaning they are immediately in breech of several laws. FIRB permission needed, plus in excess of 20% so a T/O for all shares must be issued etc, etc.
Those laws might prevent the conversion being legal at all, so could majorly backfire on AMI, hence the dumping today at low prices while you can get anything for your shares.
Us, the small investors have been ripped off once again whichever way this goes now. I'm glad I joined the panic dumping today, it's better than getting nothing.