The partner may buy shares on the open market at the lowest available price any time it wants to. Whether they could get 19.9% at today's prices is unknown... but they might.

When the deal is closed the price may pop significantly and the partner may need/want to purchase more shares to get to the agreed maximum. If they in fact do want to, then the company may (but does not need to) agree to sell the partner some number of more shares at a price to be set by the the previously agreed formula.

Wymwood, CRRC can wait and possibly get very cheap shares after the mine is built and producing. Under § 3(a)(i) CRRC can elect to take shares at $.40 to extinguish the outstanding balance of the debt facility at THEIR option for up to 5 years, limited to 19.9% at the conversion date.