Well this round of dilution is Vista, in my opinion. We should have a lull when its done. To be completely honest I had a theory that the March 9th OS didn't include the full 220mil Vista shares that got added (only about 33mil of them). I could never work out my calculations to my satisfaction so I wasn't sure.

As far as the 20%, well that depends on private placement or other investment. If they raise the whole remaining 20% at this level it will be lethal. Your talking billions of shares.

To your question, no, we should not see dilution till the 20% is raised. That would be unacceptable. I am looking for news in the next 3 weeks about the Detailed Design finishing. News that the Diligence for the term sheet has completed (they should have all the figures by then). I don't know what is the case with any Private Placements to raise the equity, but it is critical to not diluting us and details should come out soon.

I have a patience of about a month here for them to do all this.

This dilution needs to end, and they need to produce the next milestones to raise the PPS and shake off all the baggage we collect from being so cheap and bring in new buyers. We can weather the next notes and maybe a few million more in notes if the PPS is 1.5-2.5 pennies. But it can't be done down here without major damage to the PPS in my opinion. (Not to mention sour a ton of shareholders)