If BMM purchased the CN from Jeffries at less than face value (and it’s a good chance that they did), then the effective/average entry price for BMM will be less than 9c if they do decide to exercise their conversion and purchase shares.
I'm genuinely surprised that the CN is structured in such a way that the debt rights and obligations operate independently to the conversion option, rights and obligations within the CN allowing the debt component to be repaid and satisfied in full but the conversion component survives until maturity.
Ann: Early Repayment of US$17.5 Million Convertible Note, page-67
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