well maybe did math wrong,Lets Check
Company included in its best efforts private placement of up to 152,000 units (the “Units”) of the Company for anticipated aggregate gross proceeds of up to US$152,000,000 (the “Offering”). Each Unit will consist of US$1,000 principal amount of senior secured gold-linked notes (the “Notes”) and 124 Warrants. Each Warrant will have a revised exercise price of CA$2.21 per Warrant and will entitle the holder thereof to purchase one common share of the Company at any time prior to the maturity of the Notes. The TSX’s approval for the listing of the Warrants and issuance of up to an additional 18,848,000 additional common shares of the Company upon exercise of the Warrants is subject to several conditions, including closing of the Offering,
the reverse split may have thrown me off 21 million shares now
152,000 unit x 124 = 18,848,000, just as they say above so looks like about 90% dilution, still way way below predicted 10 or 20 times dilution people talked about 2-3 years ago. And the big drop in shares due to reverse split did throw me off, was in it long time before the split.
So you are right.
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