The algorithm is close but as you say the numbers are out. So let us sort this out together.

What is the number when you say "Take off the money owing" and the number when you say

" the conversion price is lower than the purchase price "?

Assuming 400M shares like you say instead of 450M we are up to 43 cents per share.

True about legal costs and the outrageous interest charges by Tenor. To me these are unknown for now but must be factored in. Might be a big number which subtracts from $1.4B.  Gowling may help here. So Yeah 43 cents is tops looks like.

Thanks Mayo for bringing up the topic.

Also Gowling can only charge the Opt-ins. Thanks iffy.