Ann: Trading Halt, page-78

Correct, the CN holder/s don't own any shares (unless they are an existing shareholder) until the CN is redeemed into shares.

They maintain face value of $25k each (x160 for all CN's) at expiry, giving a liability of $4M to CLZ. I don't think we have been provided with all the terms of the CN's including what happens if CLZ is wound-up?

That's why it would be interesting to know ownership of all of them, whether they are an existing shareholder/s or an entity that already has a "financial relationship" with CLZ.

IMO:

That liability combined with existing debt and then add whatever new "financial transaction" this halt is about won't be improving the "financial position" and won't be good for shareholders

They would need to produce a GOLD BAR for that to happen and unless they TOLL Process I can't see it happening without a lot more capital but for more they need more "financial transactions" to service ever increasing debts (debt spiral).

That $10M credit line is a worry of which more than $5M is used and then add $5-10M to get to production, plus the $4M liability of CN's.

It's hardly going to be a glowing balance sheet.

The last CLZ quarterly stated one line with words to the effect of "improve financial position".

Let's see!