Technically they have not borrowed any money but have it in place for when they needed it. They also got a good cash injection of 1.5m to get things rolling at a premium. They could have sold shares to get that money but I believe they are not going to give away any DM shares on specualtion that they will be worth way more. The Callinan financing most likey was only agreed upon because of the DM shares, knowing they have those assets as collateral. Also Callinan has offered in three years to purchase smelter royalties for 2m, the size of the LC basically stating that they believe it will go into production and the smelter royalties are what they are in business of buying. I think this is a big win for WM. Hardly any dilution, get to keep all the DM shares and can move forward quickly in sudbury. It is not easy getting money right now without liquidating which is obvious they do not want to do that. I plan on buying more at these prices when I can.