The Convertible Debenture may be converted into Noront Resources common shares at the option of RCF V at a price of $0.34 cents per share at any time prior to January 31, 2019.

Guess that's not going to happen....rather, they will extend the loan once again and drop the option price to say.....$0.25...so that's an additional how many shares?

Look at what happened back in June 30/16 news....The Convertible Debenture may be converted into common shares of the Company at the option of RCF at a price of $0.34 cents per share (previously $0.45 cents per share) 

So that would have been about $15 million US.....so about $19.5 million CDN...divide by $0.45 = bout 43,000,000 shares

$15 million US.....so about $19.5 million CDN...divide by $0.34 = about 57,000,000 shares versus....divide by $0.25 = about 78,000,000 shares

Wouldn't that be unfortunate for RCF

And there was this in Jan/16...The Company has also closed the previously announced sale of a 1% NSR royalty (the “Royalty”) over the Eagle’s Nest deposit to RCF for the sum of US$2.5 million.

And that does not include the debt to Franco...see Apr 28/15...Franco-Nevada will loan US$25 million to Noront for a five-year period at a 7% interest rate with interest to be accrued and paid at the end of the loan term. In return, Franco-Nevada will receive a 3% royalty over the Black Thor chromite deposit and a 2% royalty over all of Noront’s property in the region with the exception of Eagle’s Nest

And now years later, we have no deal with the FN....and we have no go ahead on any roads....and we ABSOLUTELY have no smelter....and even IF there is a smelter decision....SO WHAT...we ain't building it with popsicle sticks

VERY VERY BAD deal by Wes....current management so far....not any better....NOthing getting done.