Tim, thanks for asking.  One firm principal in the smallcap world is that when money is readily available, take it.

Secondly, it is clear that PyroGenesis is going through its biggest growth cycle ever ... and that will require money.  Given what is happening in the world with respect to COVID and US elections - and what we've seen happen in 2020 - it makes sense to firm up the balance sheet now rather than take the minimum and risk raising the additional funds during a future potential crisis.

Finally - saving the bes for last - given the job Peter and the Pyro team have done with the Company, I trust their decision making 100%.  I see no reason for anybody but short term investors to doubt the value Pyro will create for shareholders for the long term.

Cheers,

George