The Convertible Note broken down, page-16

Hard to say if this is all completely built into the price. I don't think the current price even has the true ruby value built in yet, let alone anything else.

Most estimates of MC (such as @wombat777's workings) take into account an estimated dilution for the remaining CN, but until they convert each note we wont know exactly what the final dilution figure is. Safe to say, as the days go by and the price goes up, remaining conversions will be less and less dilutive.

It is also assumed that all the options will be taken up since the SP is now higher than the exercise price for each batch. While this will add 65mil shares to the register, it will also add another $5.5mil to the bank account when they exercise them