For anyone interested in keeping track of the CN:In early 2018...

For anyone interested in keeping track of the CN:


In early 2018 ANW paid Lind the remaining balance of the original CN. They then resigned this current deal which came with a conversion floor price of 3.5c for the first 10 months. The deal consisted of a $3.5m loan secured by a convertible note for $4.2m (20% upfront interest), plus some collateral shares and some unlisted options. The cash was drawn down in 3 batches, the last was in Jan this year.

	Date	Amount Drawn Down	Outstanding CN Face Value	Collateral Shares	Unlisted Options	Option Conversion
1	25/06/2018	$1,500,000	$1,800,000	15,000,000	41,250,000	$0.035 - expiry 25/06/2021
2	17/07/2018	$1,000,000	$1,200,000
3	17/01/2019	$1,000,000	$1,200,000	10,000,000	16,500,000	$0.035 - expiry 17/01/2022
4	Total	$3,500,000	$4,200,000	25,000,000	57,750,000

After the 10 month conversion floor price expired, Lind began converting in April this year with a $150K conversion. It looks like they are currently settled in a routine of converting about $250K per month. As of today's conversion, we have now repaid 26% of the total by issuing 142m shares, with $3.1m still to repay. Since they take 20% interest upfront and convert at a discount to vwap, to break even they can sell up to 20% below conversion price.

	Date of Appendix 3B	Outstanding CN Face Value	Amount Converted	Conversion Price	Number of Shares Issued
1	12/04/2019	$4,050,000	$150,000	$0.0121	12,396,696
2	8/05/2019	$3,850,000	$200,000	$0.0091	21,978,022
3	11/06/2019	$3,600,000	$250,000	$0.0096	26,041,667
4	24/07/2019	$3,350,000	$250,000	$0.0062	40,322,581
5	26/08/2019	$3,100,000	$250,000	$0.0060	41,666,667
6			$1,100,000	$0.0077	142,405,633