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jobart, that is a good question regarding whether the purchasers of the debentures have to wait until the 30 June 2017 maturity date to convert the loan into shares. It is a matter of contract. In contract law, parties can agree to just about any term. If nothing particular is said in the agreement, then the debentures can be converted into shares at any time. However, there may well have been something said about the timing of this in the debenture agreement, because Woulfe also has the option of buying back $7.5M of the $20M. That buying back term implies a term that will address the timing of when that can happen. For example, how could Woulfe buy back $7.5M of debentures if all $20M had already been converted into shares? Generally, the only thing restricting the conversion of debentures into common shares is the share price--no debenture holder will want to do it unless he can make more money with that conversion (more than 10% per year plus getting the extra warrants--so s/p would need to be considerably higher than .285 before that would be attractive to a debenture holder.
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