I think a convertable debenture (CD) is perceived by the investment community as dilution and what the bankers do is immediately short the equivalent shares and they stay shorted up and until the CD's are exercised. They only way around this would be to make sure the CD's are only sold to shareholders who wouldn't short the ECU market. This I think is impossible to police.

I like the second idea of a straight debenture with a silver royality payment ala Silver Wheaton. This would not involve any share dilution but ECU would have to pay a little more. It could be structured so that the total payment i.e. interest and royality would be <10-12% which is about what they are paying for their current loans.

Opie.