Flex on another Board brings to us that possibility. Unfortunatelly it is possible. The last time we didn't heard long time was some kind of JV agreement. It was very bad for us and fortunately it was cancelled. But this time merger could really happen. Let see what could we expect. First good possibility. For example MAX could take over PEM for 1:3 all shares offer. That will be good for us because MAX is very undervaluated right now. Second good possibility is SWC take over. They have enough money so they could offer more. Why not even at 50 Cents. And then there are lot of Bad Deals for us like SGR&KER merger that happened before few days. Unfortunately that kind of merger is possible. John Ryan is also part of some other companies that could merge with PEM and unfortunately those companies are also without cash, so that will be final end of PEM shareholders, the worst of the worst. As I am repeating all the time Osisko Royalties is great Company with so many cash, PEM should make some pp at much higher prices, let say 20 Cents, exercise warrants and finish drilling program, then sell Company for $1 pps. That will be the best solution. Any kind of merger right now will be desaster for us. I could only accept liquid companies like MAX, SWC or Goldcorp but please not some no name company.

GLTA