G'day Towie. I don't think that Dugsab can fully answer your...

G'day Towie. I don't think that Dugsab can fully answer your question(s) i.e. should you sell your CVNs and then should you buy LNYs. But, don't you think that he has spoken loud and clear regarding one part of that question?
Doesn't mean everything though, but, as Greenback25 has included in his excellent summary, this last CR has been comparatively very large for LNY and if you weren't too suspicious of management's motives, you could conclude that they are telling it straight why they need the money now, "The Company will utilize the proceeds of the capital raising to complete the remainder of the project approvals process and to make payments that will be due upon grant of the mining lease and to provide funding towards the mine development start-up after grant of the Mining Lease."

Would they be using 15% CNs at this stage if they had no idea how much longer they had to wait to make those payments???
IMO, this is no longer a decision based on fundamentals alone, it's now all about trust.