Ann: Clarification of Substantial Holder from FFI Group, page-7

But why PDN can keep the price level？ Given the high debt level and cash burn rate, it looks not good to me. We buy uranium stock for huge upside potential. But more than 80% of the free float of pdn is controlled by debt holders. The share is not only hold by one debt holder and they are hold by many. In the short run if the price increase up to 22c, all debt holders will rush to exit. If the uranium price stay under $60 for more than two years, I can not see a how PDN will avoid another restructuring. I didn't understand why pdn do not transfer most of its debt to equity last time and still keep this high debt level.

So people buy pdn do think about the long run and think about the asset value. Same apply for VMY.