For sure you are right, but on the other hand, there are plenty of investors willing to buy in at this SP - (0,37) instead of signing the debentures for 0,40 CAD and losing the ability to sell if needed.
But yes, 0,40 CAD could be the upper limit of the SP until closing. And I would bet that as soon as there is news out lifting the SP above this limit, the debentures will be closed (sold out :-) immediately.