watford,
You would have to check the numbers in the last Annual Rept for the detail but basically the number of shares was capped and the conversion price gets reset downwards if the SP drops...
So as it stands the conversion price is probably about 8c. The dilution is limited by the cap but that means the remainder must be repaid in cash.
Sorry I don't have the numbers to hand but that is the concept and the AR will have the details you need.
p1000
more production, page-16
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