From Pintree's Feb 13, 2014 news release
"Pinetree owns 8,525,385 common shares, including the Common Shares, and the 7,777,385 of the Convertible Securities (the “Pinetree Convertible Securities”) directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 28,426,270 common shares of Poet or approximately 18.2% of all issued and outstanding common shares as at February 13, 2014, "