Thank you, Mr. Chairman. The contractual arrangement that the Northwest Territories Power Corporation has with the Dogrib Power project has enabled, I believe, the financiers to look very favourably on the project. As well, when the bids came in, it appeared that rather than the $30 million that was looked at as the outside price, the cost came in at about $22.5 million as the amount that Dogrib Power would have to raise to do the project. Right now Dogrib Power is in negotiations to raise their equity. If the project can be constructed for a price between $22 million and $23 million, it would appear that there wouldn't be too much difficulty for them to raise their equity.

Once they raise their equity, my understanding is that the amount they would have to raise as a loan wouldn't be very difficult. At this moment, I know that Dogrib Power is working very hard to make sure they can get the 15 per cent equity required to proceed. They are working with the Minister of Economic Development and the Canadian aboriginal development program, and are very close to raising the equity that is required. They've asked for a 60-day extension with the Northwest Territories Power Corporation so they can have the time to raise the equity. It appears that they are very close at this time.