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

Look at the above statement from the initial press release........

It appears that Burlingame and Renova, as well as officers/owners are relinquishing some of their positions for this deal. Probably a deal that Bruner did not like because he had to give up something rather than make something on the front end. Probably was the cause for delay this summer. Probably came down to leave Bruner...we're doing the deal so we can move forward.

There is no mention of new issues of stock anywhere, so far so they appear to be playing with the issued and outstanding shares

The warrants will function much like incentive stock options and probably come from the escowed shares not issued.

In a quick read, probably little dilution.