Just because the reported OS count hasnt changed much, doesnt mean massive dilution isnt occurring. Any real investment banker will tell you market valuation is based on fully diluted shares. the definitions in Investopedia etc are for novices, not what happens in real world
But lets look at an extreme example to make the point:
1. Company XX has 1m shares outstanding and trades at $1.00
2. Investor ZZ invests $1m into Company XX @ $1.00/sh/
3. Now theres 2m shares outstanding with Investor ZZ believing he owns 50% of the company (1m shs)
4. Now along comes the derivatives
5. Also outstanding are 8m warrants exerciseable at .01/share
6. Upon exercise, there are now 10m shares outstanding.
7. Investor ZZ, believing he had 50% ownership, realizes he only owns 10%. (1m shares out of 10m outstanding)
This is how you measure dilution, by calculating fully diluted shares
When applied to Oncolix, outstanding shares approached 1 billion FD as of June 30. Future funding will grow that number exponentially, due to the anti dilution provisions of the derivatives