I also agree, where else was the funding during that period going to come from? MJFF drew the line as far as what they were willing to fund, and few options were available at that time, so, dilution was a necessary "financial engineered" option and I don't believe anyone with any business savy that has watched this as long as we have can knock the approach GC took. For those that question GC's ability to lead Amarantus....well let's just say it won't stay up long on a pmb...lol...that being said, I,imho highly doubt there will be any significant dilution in the foreseeable future even after the increase in the AS count that is currently proposed...