....Yes someone could invest in a 100% owned subsidiary, the only thing that changes is the subsidiary is no longer 100% owned.  That being said dilution then only occurs at the subsidiary level....

That makes sense.  Eastern has been buying shares of ZenEp, not ZCC. So I assume if ZenEp were sold, Eastern would get more than 1/3 of the proceeds off the top.  The rest would go to ZCC to be (possibly, hopefully) distributed amongst the commoners.

Zenith Epigenetics Closes US$24.6 Million Private Placement
May 16, 2016

CALGARY, May 16, 2016 /CNW/ - Zenith Epigenetics Corp. ("Zenith" or the "Company") today....Eastern holds 47,760,500 common shares of Zenith, representing approximately 38.6 percent of Zenith's issued and outstanding common shares....