It's a promissory note which may be converted to stock at the option of the note holder, but not within the next 90 days, during which time LBSR may pay off the note, assuming good news brings them the opportunity to get a better dealIf not, the conversions will be at some future price of the stock, not the present price (before considering the 30 percent discount).

That's the way I read it, but I don't practice secturities law.

VP