Actually no.
The term sheet sets out the that conversion price is reset every six months to the lowest of the current conversion price or 90% of the current SP
So in this example the conversion price will remain at 2.79c for the life of the contract, unless ofcourse the SP falls further in which case the conversion price will be calculated lower again.
CVI don't have to convert $2mill worth at the 6 month anniversary. They can choose to convert them at a later date if they choose.
Do you ageee with the above ?
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