MRIsIcan4u: My other concern would be if the debenture holders decide to redeem rather than convert.

The first Tranche closed April 4, 2019 and matures in 2 years from that date. The debenture holders that I know do not intend on converting until maturity, Conversion is  at .40 so  if  at maturity the share price is  below .40 then  people may explore redeeming them rather than conversion but that would be giving up  the .50 warrants which have a 2 year expiry  after the debenture is  converted.  

If the share price goes for significant run before the debentures mature I expect some may decide to convert early and take capital gains on those shares and forfeit the remaining interest payments but everyone will have their own strategy