I think this company is ready for an activist investor Gran Colombia Gold would be a perfect business opportunity for an activist investor.
An activist investor can drive up the share price to the point where all debentures convert to shares.
Then the activist investor can influence the board to make quarterly dividend payments among the 90 mil outstanding shares of 3 million $, maybe more. Being the board owns potentially more than half the shares, why would they not agree to this?
Free cash flow can convert to quarterly dividends instead of interest payments and exploration can still continue.
The share price would then be well above 3-4$ with a yearly return of 4-5% in dividends which is higher than any bank would give you in interest and you pay less tax on the returns from dividends.