Prior to Dec 20, ILDE owned 16m warrants with anti-dilution rights to them - ILDE had previously held warrants to go up to 50% of GGR (if you include the July warrants at .26 which they didn't execute), and the new fundraising would have further disrupted that ratio
Since GGR needed to issue more equity, they needed ILDE to exchange the warrants they were holding - This was done on Dec 21
ILDE now has 44m warrants with exercise of .067 or less (replacing 16m with exercise price of .30) ... the 'or less' part is dependent on the average trading price, volume adjusted, for the 3 weeks beginning in February (there is an exchange holiday in there, so it works out to 14 trading days) ... these are 'substantially similar' to the Crede warrants - so I suppose they also have the 5 year expiration, or are callable for cash if GGR trades .101 or higher for 4 weeks straight.
Once the warrants are callable, GGR has the option to buy them back with cash, paying "Black Scholes" calculated value (which will be substantially the same as the stock price minus execution price, once well above .10)
Basically, if GGR is able to sell a property, get an asset-backed loan, and/or get a well turned on that will internally raise a bunch of cash before the third week of Feb, they can do a share buyback to get the equity price up for a month, and then call in the warrants on a cash basis - buying back 44m + 13.8m = 58m x (stock price - .0804) = [if stock is at .15, buyback will cost .07 , so $4m] and the outstanding share count will remain at 148m
After the third week of Feb, the ILDE warrants are potentially repriced, however still capped at 44m shares. GGR would get less funds from conversion. ILDE would probably not bother converting, unless they completed their own fundraising, and wanted the ~48% of GGR as a long-term strategic holding.
They seem to be on a slow-burn sell order this week.