Hi Bernard & Patrick,

Nice to see some warrants cashed in early and some management accumulation.

The spinout date and the pilot plant funding both sound like they are coming "soon".  I'm not sure which one will happen first, or which one has to happen first.

I'm curious how the spinout of BGF relates to the private ("strategic investor") portion of the funding.  Will the strategic investor get in ahead of the spinout and therefore have a stake in BGF - or, will the strategic investor only be interested in the Purevap business and therefore wait until after the spinout to buy in?

Does the government funding you are seeking hinge upon the strategic investor, or vice versa?  In other words, does one or both of these parties need assurance that the other is contributing in order for the total funding package to get through? 

Just trying to figure out how the spinout, govt and private funding all relate, if they do relate.

Thanks for your time!

Duff