RE: Debenture Holder Comment Franco Nevada and West Face own over 40% of the converts. After conversion, these two parties will control the company. I assume after the debt for equity swap, these parties will vote through the AGA and GDO deals to get their principal back + accrued interest. Current shareholders will own a small sliver of the equity (<10%) and therefore will have no effect on the vote (Olma & Co will have <2%). In this scenario, debt holders will most likely get back 100 cents on the dollar, but current stockholders will probably fair worse than the current deal due to the massive dilution. . Those are my thoughts. Cheers,