the floor price of 14 cents is only applicable if Bass elects to...

the floor price of 14 cents is only applicable if Bass elects to convert them, rather than be paid back.
Conversely, the company is also permitted to elect to either pay it back or convert them to shares, with no floor price.

so in circumstances where the company cannot pay it back, they either give Bass a massive amount of shares which dilute everyone else (plus those on the board etc) or they come up with some way to repay it, or they ink a renegotiated deal with a further 12 months for repayment.

none of the options are great and I think this could explain some of the depressed share price. it doesn't matter what copper or the scoping study say if the company is either about to be trading while insolvent or raise cash at the worst price ever