Read the agreement again GW -- the 40 cent price is for the note facility and has specific limitations. There is also a more immediate share issue potential under § 2(d)

"The A&F Agreement will further provide that following the closing contemplated by the A&F
Agreement (“Closing”), CRRC will subscribe for that number of Crystallex’s common shares as isagreed to by the parties at a price per common share equal to the 20-trading day volume weighted average trading price of Crystallex’s common shares on the NYSE-AMEX ending on the date that is 30 days after Closing. The option is exercisable by Crystallex for a period of 30 days following Closing."

In other words, Crystallex will have the option to sell shares to CRRC pending the outcome of final negotiations. Any shares under this section and the conversion of the 2.5 million loan would limit shares under the note facility conversion due to the 19.9% limit.