If they do the debt conversion first the share count allocated to LRS is a function of the share count including new shares. Since the warrants are issued at much higher prices than current market they won;t fall out the way you think.
Here is a simple way to think about it
Current OS 12.3bn Note Related Shares 9bn Total New Count 21.3bn
LRS needs to own 16% (5/1/3 times 3 tranches) after giving effect to all other issuances
Take 21.3 divide by 84% or the inverse of 16% and you get 25.4bn or 4bn issuable to LRS.
Now we know that some Fife notes were converted (we don't know how many but it is likely between 400-600m shares worth. This would take the total OS after notes and warrants to just under 25bn. I view that as good as it means they can't dump shares into the market. It also may explain why the OS isn't changing (they don't have shares to issue).
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