loan to ordinary shares

I have been looking at taking a small punt in CXY, and Court case aside, I have a couple of concerns regarding loan to share issue.

The recent loan facility of of $9.325m can be converted to ordinary shares at an average share price per month to the equivalent of the value of the equity purchase borrowed, eg: $100,000 @ 0.013 = 7,692,307 which can increase up to $400K per month = 30,769,230 shares. With a total possible equity issue of approx 717,307,692 @ an average of 0.013, which is roughly a further dilution of 63% at that share price average (that's if my math is close).

If so, that would take the share cap to around 1.85 billion, is that correct?

I'm not trying to denigrate Cougar, I'm just trying to figure the potential basics if I do. Can anyone comment on the above approximates?