Dundee Wealth Management is working as an agent for San Gold. If they underwrite a deal they are basically paid a commission to find a home for their alotment of shares. Dundee has numerous client accounts of varying degrees - uber wealthy individuals, insurance companies, unions to their own segregated funds, etc.

In this case, from the PP they underwrote almost 18 months ago, they have 1/2 a warrant on their books in whomever's name the client was that was flogged the PP.

If their clients exercise their warrants, Dundee gets 6% in addition to the commission they were already paid for the initial PP.