If Richard is upset at them not exercising, he can negotiate an extention to them. However, it is Noront that has the power here, not the warrant holders. I will not be that upset if they do not cash in. We have plenty of money right now and by the time we burn half of it and start considering another PP, our SP will be much higher and we can command much better than $5 a share at that time. From what I heard about the original deal, Richard was not happy. He called for $10 a share PP at the AGM and obviously felt that this would be reasonable at the time. However, the strong manipulation of the SP along with the credit crisis forced him into a position he did not enjoy. Now, he is back in charge and the warrant holders have to make a call that they may not enjoy. Karma is wonderful thing.

Glorieux