RE:RE:$GRBPayment in shares does not result in new debt. This option is clearly mentioned in the PR. Probably not very realistic that such a deal would be done at 5cad per share (given where the current SP is) but if this would be the case, this would be a big signal to the market that the current SP is grossly undervalued.
and even if the deal is financed with debt, sage ranch should be right around the corner creating cash flow and debt serving capacity