RE: reread the deal
The companies are effectively merged right now, the debenture was an instrument that allowed NIB to have access to working capital until the merger is complete. The debenture is a loan which will be nullified when the merger is complete, as the merged company will assume the liabilities and assets of both CBR and NIB. The merged company will assume the balance of the NIB loan (debenture) as a liability and the CBR side of the debenture as an asset... thereby cancelling each end.
The working capital loan to NIB was made by way of convertible debenture in order to insure that in the interm period CBR was protected against the merger failing. The debenture allows CBR to convert the 10MM bucks into 33MM NIB shares, thereby allowing it to share in the profits should another bidder try to buy or merge with NIB in the interm period.