Where did you get the "Ori can not convert the $12mm to more than 52,355,011 shares."?  That is a death spiral. 

But when I read the press release, it says: "The Fund may elect to convert the Debenture into common shares of the Company at a conversion price equal to the lesser of CAD$2.54 per share and the 5-day volume weighted average trading price of the common shares on the date of conversion."

Date of conversion would be Sept 26 2020.