I certainly don’t read it your way. Although the language is a little confusing.

Maybe this sentence should have been written like this:

“Existing major shareholders will be subscribing, in aggregate, for more than 36% of the Offering of which 25% subscribed by Insiders. It is expected that on the Closing Date each of the new investors will own greater than 10% of the Common Shares.”

Anyway, the private placement is what it implies, an offering of securities to raise capital. In this case the object is to raise $63 million capital, the offering consist of 420 million units at .15 cents each.

“Each Unit will consist of one common share in the capital of Falcon...”