Ann: BM8 to raise $6.4M to accelerate exploration programme at FL, page-12

Sorry, yes, the way the Canadian flow through scheme works is the exploration co sells forward future exploration tax deductions (so maiden mining operations are more taxable) to Canadian individuals with need of tax deductions, attached to new shares. The share component is immediately resold to a third party at the actual raise price, in this case 34c. So every share in the raise is ultimately 34c, even though the co receives a premium.

Sometimes individuals donate the shares to charities for further tax benefits, the charities then sell them for the raise price and keep the dough.

As far as i'm aware, it's always brokers receiving the post-tax-credit shares as a block, rather than individual investors. They then organise distribution through their client lists as per usual.