Fkdy, 

That is a possibility with dilution from the strategic investor.  Another potential scenario would be that PYR is that strategic investor.... I still don’t buy the explanation that second PP for PYR was for general operating expenses. If it were PYR then it could be a larger royalty which wouldn’t dilute. If that second PP occurred today, I would buy the argument it was for general operating given that the sales have been a bit slower than we all hoped.  It was so close to the first PP and before the convertible debiture financing, that I believe it was earmarked for something else. The 1.7 mil required between July and December is awfully close to that 1.8 raised in the second PP. 

There are a few scenarios that could play out regarding how the deal was structured. If it’s not PYR and someone else, then we definitely see dilution. IMO 

Perhaps Bernard or Peter could chime in here and clarify our speculation... ;). 

HK