jonzobot - I would think you are correct.

KOO - The fact is that if BoM2 or RVX overall isn't successful the RPS's if withheld will be worthless just like the debt equity would be. It is no difference. I believe that is the key point here. It adds negligible risk on the bottom side but on the top side (BoM2 success) you give up some possible gain in royalties but buy a chance to actually realize some gains both in RVX and Zenith.

Depending on the mechanics, it might be able to be done without shareholder approval. Below is a quote from Bennett Jones law firm. The sale of half of the RPS's would be a far cry from substantially all of the property of the corporation. There are different definitions of this as shown at the link below but I don't see any way to look at it as disrupting Zenith's business.

"Under Canadian corporate law statutes, a "sale, lease or exchange of all or substantially all of the property of a corporation other than in the ordinary course of business of a corporation" requires special majority shareholder approval"

https://www.bennettjones.com/Publications-Section/Updates/Considering-an-Asset-Sale-Transaction-Be-Aware-of-Shareholder-Approval-Requirements