RE:RE:post conversion Your hypothetical share price made no sense to to me, but it took a while to figure out exactly why.
Currently there is roughly $42 million in debentures and 31 million common shares. A hypothetical buyer could offer a 20% premium to shareholders ($0.12) and a 2% change of control premium to the debenture holders, acquiring the company for a total cost of $46.6 million.
If this transaction goes ahead, the new common share float will be 460 million shares. Assuming a share price of $0.12 - the low end of your "realistic" range - the purchase cost would be $55.2 million.
Why would any would be buyer offer almost $9 million more, for exactly the same assets, as they could get it for today? In fact, by my estimate, a buyer could offer up to $0.40 per share today, a 300% premium to the $0.10 share price, and an almost 900% premium to today's stock price, and pay no more than they would in "realistic" $0.12 cenario. I see no reasonable likelihood of a share price of even $0.10 in the near future; any potential buyer will be looking for the debenture holders to take a substantial "haircut", not offering up a premium.