I get the point that you're trying to make, and I think...

I get the point that you're trying to make, and I think technically you're correct, but as a potential investor I'm not too concerned about the relative cost of equity at the time the funding deal was done. I'm looking at the potential MC of the company, which without a funding deal was $0 which was why the share price was sub 1c when the initial funding deal went through.

With funding, and the potential expansion upside (based on the Triple C report), it's higher than the current share price indicates - as long as they get their licensing lined up. Given how good the debt terms are for PTSJ, I'm hoping they're using their in country experience to get this over the line.

I was in the options from 0.4 to 1.4, hence my interest to see if it will run up again. I get the point you're making regarding debt vs equity price, but for me it's only one piece of the puzzle.