$4M worth of Conversion Notes will get you over 181M shares at 2.2c
That's not including 20% discount which would put it to over 218M which is more than current SOI and therefore potentially a controlling interest of more than 50%
I also have NOT included the possibility again of that number times 1.5 if related options are excised.
IMO:
There's no reason to convert while the SP is falling.
Unconverted, they remain valued at $25k at less risk.
The question I would ask is it better to wait conversion until:
1) Lowest SP possible?
2) Time of liquidation, potentially taking over as the largest creditor?
3) If the SP starts to recover on consecutive days?
4) After the next Yearly financials coming soon?
5) If by some MIRACLE they get to producing.
There are a few scenarios and if the CN's are held by one entity or related entities then I bet they have a strategy to maximise their return whether the SP is higher or lower and including knowing how to de-risk their "investment" on the ASX.
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