Dilution works the other way. If Teck were offering $4 per share when the total shares out is 391,974,080 and the total shares out increased by 6,900,000 then they would only offer $3.93 per share.

I don't think this PP is in any way Teck's decision, so it isn't a thank-you for EE, or an indication of what Teck thinks about $28 million.

I was thinking that they were out of money and I assume they spent some of this on purchasing the Arizona property and have a plan to drill. So, even though we might get $.07 less in your buyout scenario, we presumably will get at least that amount of value from whatever they spend the money on in our new venture. Or, perhaps, they need to pay some legal fees or that outside evaluation firm during the coming negotiations.