"What do you think. The interest rate seems quite low and the conversion rate is nearly 50% above todays share price?"

I don't find it attractive because of the points you mention. I have a fair bit in cashable GICs at 1.2% with CDIC insurance, i.e. not exciting but relatively no risk. For an extra 1685 dollars per hundred thousand per year it's not worth it for me.

We would be betting that silver would take one of its legendary jumps and SSO shares reacting accordingly. I don't feel confident in this, but of course by tomorrow or next week I could be wrong!

If the conversion would have been at 15 or 16 dollars and the interest at 4% then maybe. My problem is that while the company has many fine assets, I consider the Argentina assets to be totally impaired, just turning over dollars, and this is just the beginning. The current regime in Argentina has 4 years in office at a minimum and they're just getting started attacking/confiscating businesses ... now they're starting up the Falklands dispute again to distract attention from the developing domestic economic catastrophe.