Ann: Initial Drawdown Under Tribeca Finance Facility, page-6

Good points, thanks.

Senex Energy (SXY) as a mid tier is currently much further advanced than we are. Certainly borrowing $150Mill is currently out of our scope but may be an option later as we look to develop our FNQ tenements.

The refinancing for Armour has been a good move as the previous CN's were at a much higher (in my view unsustainable) interest rate my recollection was a hefty 15%..... with many individual holders (and the associated issues linked to multiple CN holders).

Like you, I wish we had not issued the options (exercisable at -16.6c) but I do see value for us in establishing a strong relationship with Tribecca. We should be able to negotiate lower rates as we prove ourselves going forward.

GLTH