There were 3,477,431 top-up shares issued by Q2. And according to Dan, another 500k or so for the US loans in Q4. Which brings this total to 4M top-up shares.
And this from Q2
Yes, interest. Let's not forget interest (on the ECAB note). So all of this together, including Q4 and potentially 350,000 shares for Garrett, accounts for the 5,524,255 increase mentioned in SIAF-ME.
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Another way to look at this is, there were only 22,726,859 shares outstanding on dec 31 2016. And the 5,524,255 increase doesn't account for everything. We are missing 2-3M shares.
IOW, the recently issued shares in Jan/Feb (roughly 2.5M) were NOT issued as collateral. NOT issued as stock compensation. But for something else. Possibly the A-shares or a financing deal that I discussed earlier. Which they obviously don't want to, or can't, disclose now. I think this is what they are trying to say.
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