First tranche, see below.  The warrants are good for five years, so there should not be any exercise of those for a long time.  Do they convert the debt and sell the stock?  Great question, likely a game time decision.  

"The Convertible Debentures are subject to a hold period of four months expiring on August 4, 2019. The Convertible Debentures may be converted in accordance with their terms prior to the expiry of the hold period, but the common shares and warrants comprising the units issued on such conversion (as well as any common shares issued on exercise of such warrants) will be subject to the unexpired balance of the four month hold period."