If the note holder wants to screw us, they would manipulate the...

If the note holder wants to screw us, they would manipulate the stock under 1.6-1.7c so that no one takes up their rights. And the company is then having to use the notes.
That has a floor price of 1.25c.
The safer buy price is then 1.2-1.3c as there is no incentive for the note holder to sell on market less than this.

The company needs to cancel the notes. Unless the stock is momentum driven by news, then the notes are a potential cancer to the sp.