Non-dilutive?

The Convertible Loan may be converted into common shares of the Company at the option of RCF at a price of $0.45 cents per share at any time ... prior to December 31, 2015 (the "Conversion Rights").

Look at me with a straight face and tell me that RCF wouldn't take the shares option.

Admittedly, that is far better than issuing shares at today's price. But it is also self-serving, as it gives them some breathing room. My guess is that they are trying hard to stay under the 20% mark for the time being.

Don't get me wrong, there are far worse ways to raise capital. But this isn't quite as innocent as it seems.