Sure bungalow! $4M of Convertible NotesBased on VWAP of...

Sure bungalow!

$4M of Convertible Notes
Based on VWAP of 3.2c

Additional 125M shares (Only if all redeemed for shares)

Current SOI = 210M (Based on Market Capital of $7.14M)

SOI = 335M (Based on Market Capital and SOI from CN's redeemed)

SOI = 445M (If Loyalty Options excised excluding CN's redeemed )

SOI = 502.5M (If Loyalty Options excised including CN's redeemed)

So there is potential for over half a billion SOI (worst case scenario!)

IMO: Given the large potential for more SP dilution it would be in the interest of the CN holders to keep the CN's (do not redeem them) as the value of the CN's will be maintained at face value.

Currently the face value of the CN's are worth more than 50% of the market capitalisation:

$4M = CN's
$7.14M = Market Capital

This is concerning!