Value Microcaps Junior Energy

[wadegarret]

Value- PEIX

That makes no sense that there will be 25M shares. There were 16.1 fd shares at Mar 31 & that included the dilution from the $12.1M warrant excercise. Then there was 1.75M share dilution we have to add from the offering. Then there are 4.9M warrants left, but we have to use the treasury method of computing conversion into common. It will be nowhere near 4.9M shares of common. I'm getting 17.85M fd shares, plus whatever the tresury method of computing the warrant excercise would get us. I can't see more than 20M fd shares total going forward- for now.