Ann: Notice of Extraordinary General Meeting/Proxy Form-CM8.AX, page-66

The Lender can only convert at a 30% premium of price of stock on day deal is ratified at EGM, subject to other limitations (volume etc.)

Crowd mobile can choose to repay principle / interest with shares, the value of these shares are the lower of 10% discount to VWAP or 30% premium to price on day deal is ratified with shareholders.

so if the price is 20c at EGM,,, lender can convert a certain amount of principle at 26c. If VWAP of cm8 is 30c, and CM8 choose to repay with shares, they would calculate amount of shares based on 26c, being the lower of 30% premium and VWAP.

This is my understanding