"...I would not be surprised to see that EE has used his majority to give himself the PP's. (Should be in the companies minutes)..."

Very unlikely. Decisions on how to raise funds are made by the Board and each director has one vote regardless of the number of shares he/she holds. On a tie, the Chairperson casts the deciding vote.

EE's majority should play no part in how decisions are made by the Board; not in a Board meeting, not officially anyway. JMO GLTA!