I can't see a maturity date automatic conversion provision when...

I can't see a maturity date automatic conversion provision when I glanced over the terms (happy to be corrected) meaning:

They either get converted within the 12 months at 90% of the lowest trading daily VWAP during the 5 trading days prior to the conversion notice date

OR

They mature after 12 months and the company is forced to pay the C.N + what is in effect 26% interest (as calculated in the Ann: Initial Convertible Notes).


So if the company elects to take the additional A$2.11 million plus the already organised A$1 million and the both end up maturing after 12 months they will end up owing Obsidian A$3,918,600 cash.

If they cant front up the cash they default.