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.

Does this mean that CRRC will be obligated to buy "X" number of shares at the "20-day volume weighted average"....with the "X" subject to ongoing negotiations\agreement between KRY and CRRC?

I'm assuming that the price as defined by "the 20 day moving average" will be higher than 40 cents given receipt of the permit by July 31st. Wouldn't it be in the best interest of CRRC to minimize purchase of shares as defined by the "20 day moving average" formula and, instead, obtain their max 19.9% maximum share interest at a cheaper .40\share conversion price (assuming our share price doesn't dip below .40 pre-closing)?

I realize I'm not understanding something here. Any insight will be very much appreciated. TIA