As I said, as long as we say "beleive", "think" or "probably" we express an opinion and yours is as good as mine.
However, I suggest that the "BOD" is more or less Matin (whatever way he does it and therefore, it can let anything that Matin wants go thru (ex: 100:1 R/S).
Note that the 18,000,000 shares issue never made it to the BOD.