While RG doesn't specifically mention Treasury shares, I think we can assume some combination of outstanding and tresury shares would be used.

"We plan to utilize Patriot’s capital resources (stock and cash) when considering the acquisition of any operating business. While we expect to use Patriot stock as our chief currency in any transaction, Patriot’s strong cash position gives us a very solid negotiating position, especially in discussions with companies who have limited access to operating capital. I will continue to keep you advised of progress in subsequent updates or when a transaction is finalized."