Hard to say given the patchwork of paperwork being filed but from the December 4, 2009 form 7 and prior to the below private placement, there were 58,689,700 shares out.

http://www.cnq.ca/Storage/1249/112705_Cougar_-_Form_7_-_Nov_2009.pdf

However, in the pp release, they stated to have 60,499,700 out. Add 4,999,333 from the pp and you get 65,499,033 which is what they reported in February 2010.

http://www.cnq.ca/Storage/1252/113008_Form_9_Notice_of_Private_Placement.pdf

http://www.cnq.ca/Storage/1262/113936_Cougar_-_Form_7_-_Jan_2010.pdf

Biggest material change was between June and July where the shares out went from 65,499,300 to 69,844,030. Difference of 4,344,730.

Would have shown up on Canadian Insider if it was insider activity so it is most likely warrant conversion.

Cougar Minerals closes $749,900 private placement

2009-12-18 17:02 PT - News Release

Mr. Mike Elson reports

COUGAR CLOSES FLOW-THROUGH FINANCING

Further to Cougar Minerals Corp.'s news release in Stockwatch dated Oct. 26, 2009, the company has closed the private placement of 4,999,333 units at 15 cents per unit to raise gross proceeds of $749,900.

Each unit consisted of one flow-through common share, and one-half of a non-transferable share purchase warrant, each whole warrant being exercisable to acquire an additional non-flow-through common share for two years at an exercise price of 15 cents per share until Dec. 17, 2010, and thereafter at 18 cents per share until Dec. 17, 2011. All securities bear legends restricting any resale until after April 18, 2010.

The proceeds from the financing will be used for mineral exploration in Canada.