How would that benefit the CN holders at all? The conversion...

How would that benefit the CN holders at all? The conversion price is a discount to the next capital rise price. They could pump it as high or as low as they want and they would have the same result. Let alone the fact the convertible notes were for $1m.

On a separate note I'd be interested to see who the noteholders are. Would be particularly interested to see if Sandton Capital Partners are involved and it was essentially provided as bridging finance whilst they worked through the terms of the transaction. Given the options they'll receive are exerciseable at 25c it's only in their interest to see the SP as high as possible as quick as possible.