Yep - I was proceeding on a faulty premise. Somehow I must have forgotten the amendment to the warrant offering. Now that I review it, I see that it actually strengthens my argument as it gives the "secret investor" the "beneficially own or have the right to acquire on the Exercisable Date (including the 10,799,000 common shares previously acquired on the purchase of the Units) up to an aggregate of 23,049,000 common shares of the Corporation representing approximately 9.9% of the issued and outstanding common shares." My conjecture was based on the SI having 5% of the available shares.

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