the conundrum of share price and the con notes

Recently OGC share price has been in the doldrums whilst other golds have been moving quite strongly.I'd like to bring to shareholders attention the large number of Convertible Notes which were recently in the money but with the share price receding are no longer above the conversion price. My question is are these Notes and the potential issue of possibly 40,000,000 +/- shares placing a cap on OGC's share price. The way I read things is that the notes are cumulative with interest added on conversion. Currently the face value of these notes is around A$155m with conversion prices of
A$4.162, A$3.967 and A$4.166. There are IMO two issues here. Either the company will need to pay back the value of the notes OR the Note holders will find it in their interest to convert some or all of the Notes into shares. Either way there are advantages and/or disadvantages for the company and its shareholders. Perhaps this is why the shares recently went to $4.17 and then swiftly bolted backwards.