If this conv note of $65m /A90m can be demanded to be repaid in...

If this conv note of $65m /A90m can be demanded to be repaid in principal ?

It is a loan arrangement, ?? and repayment is either shares or principal cash

That leaves cash backing closer to 7m (100-90-3 outgoing for qtr)?

it is an incredibly important issue to clarify.
(if its shares, then there are another 100m shares that may spit through)
(if it is cash repayment, then the company will be stuffed toward 3c)

Why would they convert at 50 pence ? if no commissioning of the mine is going to occur?
Surely they have further terms for the repayment back as cash.

"The investment comprises an interest-free and unsecured loan of US$65 million which can be converted into ordinary shares at 50 pence per share upon commissioning of the mine, as well as an options package exercisable at an average price of 85 pence per share contributing an additional US$55 million if exercised."

The ASX needs to get onto this.

Its a loan, on terms of the company delivering a mine. Surely if that is void, then it is repayable in cash. Hence why it is stated interest free. (being the other side of the repayment)