Hello Legman.The rights offer technically was not...

Hello Legman.
The rights offer technically was not oversubscribed..the shortfall of the rights was the part that was oversubscribed. So I think the lilly is being gilded a bit by management...of course. But it suits their narrative.
I don't read into the issue of the convertible note an ability to cancel the second payment due to LCK raising the amount they were looking for.

What the raising of $3m, or the conversion of 1000PJ to 2P, does allows for, is the conversion of the notes to stock, priced at 12c per share, automatically. Early conversion triggers the requirement of LCK to pay the balance of the interest of 12.2% pa for the full term.This interest component will be paid in scrip, issued to Crown. I have no idea if any of this scrip is to be escrowed, although I would hazard its not. 

Further overhang of stock, and further dilution. Worse still, dilution at he hands of a non-exec director who I would most certainly suggest had far more information regarding the PCD progress than was released to market. Still, at least he's putting back some of the substantial salary and finders fees he has taken from the company.