Actually, 44M shares fully diluted includes 22M shares and 22M warrants at 25 cents. So, we get 4M dollars now for the first 22M shares, and another 5.5M dollars when the 22M warrants are exercised.

We do get 50% dilution as you write it, but we will put 9.5M dollars in the kitty for it, not just 4M as you stated. If the warrants get exercised at 25 cents, it is probably because our share price will be much higher at that point and we should all be smilling at that point!

Hope this helps understand the PP even better.

Glorieux