Yes, that is how they chose to word the terms of that and one other 15% Grand View note, however, in reality that is not how finance works. No lender (toxic or othewise) will issue an open ended term loan with no definitive means of recovering their money.
The actual terms of those Grand View notes are that Grand View, at their option, at any time from the inception of the loan may convert to common shares at 0.045 PPS or at ANY PPS after the maturity date.
Furthermore, that is the term for the Grand View notes and NOT FOGO. The FOGO is a completely different loan of $200,000 that is due on Jan. 1, 2013. No further details were given on the terms of this note.
