$4m M Cap is small and the resource is ok, so I see the potential. Same for IRL which Kiernan has also saddled with this idiotic arrangement.
But convertible note holders have preferential rights over shareholders and are able to veto such restructuring proposals.
One option is to pay them out prior to a merger. Assuming the cash materialises, LJ are on such a lovely wicket, they'll want a fair bit to go away.
They may agree to a merger if their current agreement converts to the new entity. No benefit there. Even the best company would struggle to mainatins its sp when it's being diluted, and the trading under-cut with a seller who gets there shares effectively 30+% below market.
So hurdles to overcome but I see what you're hoping for.
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