$300k that can be converted at any time at 80% of the low 3 days of the last three weeks? If one assumes that the price will go up, then it will be converted very soon, and at around .022 based on recent trading. That's over 13M shares. And if the $1M extra is loaned, that could be another 40-50M shares depending on what the sp does. Add the 10M warrants at .03 (which will be exercised), and another 16.6M warrants at .03 (see the last paragraph in the filing, these will also be exercised), and that's something like 85M shares with SFMI only getting ~$2.1M. That sucks. Almost 100M shares for two months of expenses. They need to produce drilling results soon.And BTW, I really think they would be better off just selling blocks of shares rather than having these nebulous "conversions" where we don't know what the number of shares issued will be.

SFMI is over a barrel because of the present low share price, which IMO is a direct result of managment's actions and poor (dishonest) communication, such as running the mill for 2 years at 20% recovery and not telling us- If I remember correctly, did PQ say it was at 85% at the recent SHM?