He's from Germany. They need $35 million with own funds and those 1 million shares. I don't believe they have million in funds, but suppose they have $5 milion. So with those 1 million shares they need to raise $30 million. That would mean they need to convert this 1 milion shares into hundreds of million common shares. If they want to dilute this at an avarage of .03 it would mean a billion shares, and at an avarae of .1 3 billion shares. So they shoud raise the AS first to many billions, and they ruin the stock. As long as that isn't happening, I think they go for a private placement.
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