Forgive me as I haven't looked at it in any great detail, but is...

Forgive me as I haven't looked at it in any great detail, but is the loan not convertible? Which means if the project is successful the loan can be converted in to BYE shares? The options are in addition to that are they not? My thinking was that this was so that if the shares go above $0.25 MEL will be protect from dilution.

If that is in fact true, then if the share price is at $0.25 upon conversion MEL will have a 10% shareholding (approx.) with the option to buy more which means beyond 18 months there is upside potential.

Feel free to blow my thoughts out of the water, I've only had time to glance at the report.

This project looks pretty darn good with near term earnings potential. Frankly I'd prefer a long term exposure to a high quality project rather than throwing equity at a highly speculative project.