RE:RE:RE:FNC needs helpSudbury - too funny to read your comments regarding my analysis.
You say you can't find the actual details of the KWG/FNC deal and then go on to state that my interpretation is wrong.
If it helps with your due diligence - the actual agreement details are readily available via news releases, sedar, and company web site for both KWG and FNC.
KWG financial statements reference the note conversion as follows:
"The principal may be converted by the holder at any time, in whole or in part, into Multiple Voting Shares for $4.6916 per share from the issue date to September 1, 2023; for $4.4783 per share from September 2, 2023 to September 1, 2024; or for $4.2651 per share from September 2, 2024 to the maturity date."
For purposes of my analysis, I used an average conversion price of $4.50