ANW Valuation, page-5

Im not sure if you have been keeping track RE. The Lind Fund CN's but just a quick summary anyway:
Finding Arrangement done back in June:
3 Tranches, Made at 120% Face Value 24moth duration. (Justified as 10%Pa interest).

- Initial Cash of $1,000,000 already supplied during the quarter of April 2017. Involved the issue of 15,000,000 Holding Shares at the price of 0.008c/share redeemable back by the company at completion of CN conversion.
- 25,000,000 Converted in August at price of 0.006c as part of Second Tranche. To my knowledge this has not yet been fully drawn down either as ANW announced additional increase of $250,000k amount as per recent ann.
To my knowledge Lind Fund has to date recovered 200k of their CN (assuming they have been selling) because of conditional restriction that they could only sell $50k per month for the first 4 months following June 2017. This is now over as we are now in November. I feel that because their conversion price is somewhat close to liquidity wise to where they were converted i.e. 0.006 that they would not be dumping but rather capping ANW currently below 1c.
They also hold options to mostly convertible i think at 2c and and 1.35c.
-3rd Tranche of $2Mil is intended as a contingency available to fund trial stage of Taronga. This was because of potential uncertainty around the back then pending stage 2 Granville approval for 40,000tpa process capacity back when the CN deal was done. Since then Stage 2 was approved so ANW may be able to self fund this themselves and avoid this dilution item. (I am factoring that they will need to use it to be on the conservative side).

So my question is assuming Lind has recovered $200,000 from the $1,500,000 already provided ($1,000,000 Tranche 1 + $500,000 Tranche 2 which as per recent ann would have been drawn this current quarter) how and when will Lind convert the rest of their notes into remaining shares to sell?

IMO it was a great sign of trust and faith of the company Lind to extend the CN facility to ANW as you can clearly see that it is not a quick swap for profit for them but rather a long wait investment.
Anyone feel free to correct me anywhere that i may be wrong, as would be greatly appreciated.