Agreed Baires on the status or quantity of Dr. Black's "individual" holdings of TDC but do not forget Interinvest's position in TDC:

Interinvest is purchasing an additional 20,000,000 units offered in the same private placement.

Mr. Sonnenreich and Dr. Hans P. Black, chairman of Interinvest, are participating directly in the Interinvest portion of the private placement as individuals.

Source: http://www.williamscreek.ca/site/index.php?id_news=46