I might be wrong but the explanation in today's Proposed Issue...

I might be wrong but the explanation in today's Proposed Issue of Securities notice (see below) reads as though the 14m Placement Shares are deducted from the Conversion Notice volume i.e. for ease, say in 18 months the company SP is 50c after applying the 7.5% SP discount; to pay back the $21m Face Value, rather than issue 42m shares, we would be issuing 28m shares.

Or lets say, under the Renewable Facility, we borrow the additional $20m, under the same environment (50c SP after 7.5% SP disc.), to pay back the $41m, rather than issue 82m shares, we would issue 82m minus the 14m Placement Shares, equalling 68m shares to close out the convertible notes (CN's).

Although in all seriousness, with the iM3NY listing be years end and ramping up to 1.8 GwH of production next year, I doubt our SP will be under $1 when the CN's are closed out.

Explanation from Proposed Issue of Securities Notice, 4.8.21
"The Conversion Price depends on the VWAP, so the number of shares to be issued are not knowable. If calculated today,
the Conversion Price (assuming the lowest day was selected from the past 10 days that the Company traded) then after
the discount would $0.2468825 per security and so based on the $21,000,000 Face Value, 85,060,707 shares would
settle that primary obligation to repay the Face Value. Less 14,000,000 shares issued today, 71,060,707 further shares
would need to be issued."