Ann: Notice of General Meeting/Proxy Form, page-5

I don't think you guys have thought this through. Extinguishing the debts owed will shore up their balance sheet and address the major concern the market has with the company - assets V liabilities.

In addition, it will give them greater voting power at future meetings and dilute the MCT holding and influence even further.

Yes there is the dilutionary factor but as the stock is being issued at a substantial premium, the dilution is far, far less than what juniors usually do by raising cash at a discount to pay out creditors (including director fees). Overall number of shares on issue will still be quite low compared to many juniors in this space.

As much as I hate to admit it - well played NME.