I would assume new shares would be redistributed to the Carmil gang. The HM3 shares maybe were retired, perhaps just to be redirected Carmils way, so for all practical purposes they were not retired at all, but recharacterized. Is the PR a lie? No. A white lie? Maybe. I would reckon there are alot of mechanics going on we don't see. Perhaps we'll never see. I assume the Carmil project will be financed by other means, if it in fact resurfaces, if it in fact materializes as a real power company.
JMHO.