Ann: Conversion of Convertible Notes, page-4

Hi Damo,

I agree it's good to have the CSAM convertible notes converted to equity as I was never a big fan of CN's deal, but I suppose you have to consider the tight cash position of ATR was in at the time of the initial agreement.

By converting now it's saving ATR shareholders the equivalent to 10% interest accruing as supplementary notes until 17th March 2026. If I were CSAM I would have been happy to let the extension deal roll on as I'd be earning 10% interest while maintaining some optionality in case of some disaster befalling the Donald project.

I was also a bit curious as to why there was an 'early conversion fee' of 388,889 shares paid as part of the deal, so I went back and reviewed the T's & C's of the 18th March 2024 convertible notes extension announcement and could not find any reference to an 'early conversion fee'... very curious...I did however find the following 'Conversion Rights' clause;

"Astron has the right to require the conversion of the Notes if the following conditions are satisfied:
i) Astron enters into a Binding Agreement for:
a. a joint venture in relation to the Project where the joint venture partner acquires an interest of at least 49% in the Project;

So under the notes extension agreement ATR could have required the conversion of the notes on the 4th June 2024, upon execution of the J.V. agreement, with no penalty payable. It looks like ATR's management (Tiger) has been very accommodating of CSAM, but as they will now be a substantial holder with +5% of issued ATR shares I suppose he has to keep them sweet.

DYOR & GLTAH!!