News: EQX Equatorial Resources Subscribed For A$10 Million Unsecured Convertible Notes In Salt Lake..., page-6

Yes the conversion is the lower of A$0.45 or a 5% discount to the equity capital raising price if the raising is at least $10m by 30 June 2021.....but if no equity raising greater than $10m by then they convert at 90% of the 5 lowest daily VWAPs during the 20 days prior to the maturity date.

I am not familiar with the SO4 story so can't judge on the likelihood of a raising but under the 2 different scenarios you could get wildly different conversion prices.

Fortunately for EQX holders Middlemas didn't fund AON or PNL with EQX dollars.