Interesting to take note of where we stand amongst our peers:
Passport Potash -- the market has all but given up on. They were unable to get enough interest in their private placement last November for 12.5 million dollars. They just announced a debenture financing for 2.5 million at an interest rate of 15%. That is monstrous compared to our 5% interest for debenture. Take note that our debenture financing is coming from someone who is now a valued member of Encanto's board of directors.
Western Potash -- just announced that they hired UBS Securities as a financial advisor to find ALTERNATIVE ways to finance their mine. That means that their preferred way of financing, finding an offtake agreement with 3 Billion dollars behind it, didn't come to anything.