Ann: $2.5 Million Convertible Notes, page-5

Sydney,
Will have to look into tbe first question when im not at a cup function but the answer is no to the second. Convertible notes remain unsecured and rank behind secured debt ( if any, and i doubt they will go down that path in the near term) but ahead of equity unless converted.

They needed dough to keep drilling and this is a good outcome for shareholders. People close to the co (very close) have stated the board is very aware of dilution and will take reasonable steps to avoid where they can.