Telepanel - You mentioned a 4 year free ride but it is actually 5 years to expiry. EC got a bunch of 5 year warrants for the LofC on the $38.8mm Citi loan in 2013 but those were for $2.38 and I believe he let them expire in 2018. Then the loan was expanded by $30 million in August 2014 and backed that also and received a further 5 million warrants at $0.75 until August 2019. He exercised those just before they expired. Maybe the terms of this new ZCC loan are for up to 5 years and the warrants are in sync with that. Just a guess! The down side of this long term is it might not be signalling a near term buyout although that loan can probably be paid off anytime if a deal happens. 

Maybe it is just a way for DM to lock in some long term warrants and collect a high interest rate also. He has loaned to the company in the past. With the salary he has received all of these years, he probably has lots of cash. Just jest but totally possible. It was listed as an Alberta transaction.