They don't really need to take anyone out if they complete this deal. With 30% of outstanding shares they can walk in to the next AGM and install their own slate of directors, and give themselves total control of the company. I doubt it would happen though. There appeared to be some very explicit numbers used to come up with the # of shares to be issued, possibly to keep their holding just under the 20% mark (30% is with all the warrants exercised), or something similar. If so they would not really have any control. Even the 8% control of the JV property that JDF suggested, they would have beneficial ownership of it but no control.

Regards

K