The convert price for the CN is fixed though. Plus success...

The convert price for the CN is fixed though. Plus success factor bonuses (if any). Imagine the discount in say 2020 if we what we expect to happen happens. SP might be 12-15 cps and we end up issuing 200M+shares of equity to redeem them.

Matt knows the value propositions of the capital structure. I'm thinking he's thinking those CNs use by date is up and assuming we have some attractive new farm-in available, take the opportunity to strengthen the BS by optimizing capital structure.

Won't be long now. There's still plenty of risk (even with Lightning) so a large raising (relative to our book value of equity) is unlikely to be at a premium (be nice though) and hopefully a modest discount if just a placement. Much rather a renounceable rights issue, at a sizeable discount, so existing shareholders can either participate and take up their rights or sell them off for a return of capital so to speak.