Angel investment is all about equity, typically. There are angels that like convertible debentures. But any of the deals I've done as an angel investor, if I use myself specifically, have all been equity, typically not on the convertible debenture side.
There are ways in which angel investors will go into certain investments depending on the risk, depending on the team, depending on the technology and the stage of innovation that it's at. Are they commercial or are they not? So they as individuals and as part of a group, if they're operating as part of a group, will make decisions as to how they want to run the term sheet and how they want to make their investment predicated on a number of those factors.