1) This only would be true if YTC were to elect to convert the...

1) This only would be true if YTC were to elect to convert the notes. There is no reason at all to do so wrt the first tranche (at 20c?). Instead, I strongly expect management (who believes gold will go higher in Q1/2 2013) to do a gold forward sale once the financing is in place and construction has started, thus to be able to pay back that facility when it wants to do so. WRT the second tranche, where the conversion price depends on our share price development, it remains to be seen, but I consider it likely that we will pay that one off, too. Which means Glencore will be limited to below 10%, unless they buy more on the open market (which would be great for us).

2) I didn't say sell to YTG at any cost. There will be other interested parties, too. A deal between Glencore and YTG would not stop YTC management from looking for the best option from YTCs pov. These options simply wouldn't include a Glencore offer.

3) We'll see.