fuzzy - according to this clause which was within what I posted earlier, they would limited to converting an amount that when included with the current outstanding shares would only constitute 10% of the new outstanding amount. I don't know how long it will take for the Holder Nominee approval to go higher than 10% but wouldn't think it would be a long time.

"(i) until such time as the personal information form submitted to the TSX in respect of the Holder Nominee is approved by the TSX, the Holder shall not be entitled to exercise the conversion right to convert such amount of the Outstanding Principal Amount that would result in the Holder holding, together with all existing Common Shares then held by the Holder and its Affiliates, 10% or more of the then issued and outstanding Common Shares (after giving effect to such conversion); and "