I think it's Marc Lustig that should be celebrating.  I've waited till the market is closed to post my thoughts, as I hate being accused of being honest!

I believe we'd have been better off extending the .75 warrants.  How much is the warrant worth - you can each estimate it for yourselves, but to me, a 2 year warrant at $1.15 is worth, what, maybe .20 or .25?  Let's put it this way, I'd pay that much for a 2 year warrant.

So if you remove the value of the warrant from the unit price, that leaves what the stock was priced at for the purposes of this friendly offering.  My guess is Marc and the Company (mainly Tom) had some interesting discussions at the point in time when it was decided that the .75 warrants were not extended further.  Tom wanted to extend, if you recall.

Good for Marc and his syndicate, but this was some sort of make-up call in my view, and that's okay with me, it is how business is done.  And I agree with Rainer that, fortunately, this is a small amount of shares compared to the overall issued and outstanding, so the dilution is minimal.  But let's make sure everyone knows just what happened here.

I would welcome any views to the contrary as to the math which got me where it got me.  I'd welcome any views supporting my calculations even more! :)