how many shares will it take ?, page-4

You are right Poyndexter,
I am assuming that there are no viable alternative financing options. But given the notes have already matured, you'd think they would have taken up any other offers if they a). allowed the rollover of debt on comparable (or better) terms, b). required issue of shares at a reasonable price (e.g. 30+ cents) or c). put a fair price on Gazanor (i.e. divesting it). If they were planning to raise capital from existing shareholders, you'd think they would have done so already.
Will be interesting to see how this plays out.