Every successful project advanced by a junior has been "conventional". None have used toxic convertibles. None.
A 30% discount is HUGE, but remember that some is VWAP, so it can actually be larger than the stated discount. Even worse, some of the toxic financings are an average of the two lowest closing prices in the trading days previous to the conversion. That can lead to huge additional discounts on top of the already huge discount. Regardless of the type, this kind of financing encourages the holder to drive the stock price LOWER. They make more money the lower the stock price. That is the exact opposite of conventional financing, which is why it kills companies.
And based on the terms of the toxic convertibles, the seller will never sell at a loss. They are guaranteed a huge profit. They will not be holding the stock from the conversions - they will dump into the market, drive the price lower and maximize their next conversion price. Death spiral.