Correction to my explanation of the Debenture:

Although the quote I included was from a SEDAR filing by the company, apparently, the 4 years (48 months) of warrant life was NOT what was ultimately offered to Debenture holders.  Was it a typo or a change of heart?  I don't know.

A CD partipant and poster of this board sent me a copy of the subcription agreement and it clearly says tht the warrant is exercisable up to 24 months after the date of issuance of the warrant.

The difference between 2 and 4 years is significant in valuing the warrant, and of course, the warrant is worth less at 2 years duration than at 4 years duration, which would mean the value ascribed to the common stock is greater by whatever that difference is.

Thanks to the poster for the correction!