Zancs, only thing that changes if TOL is not approved by Oct 16, is that the conversion price is no longer $1.25 but 120% of the market price: ie if the market price 30 day VWAP is $0.75c then if Mount Kellett wish to convert, the new conversion price will be $0.90c.
There is no prospect of the funds having to be returned to them, other than under the agreement which requires payment within 4.5 years.
foster stockbroking , page-43
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