So,they assume at the end of 2019 , 732 mil. shares and not increasing for the next three years (732 mil.).
At the moment we have 703 mil ( 80.92 mil / 0.115) and still have plenty equity to raise with or without JV ,i'm not even sure if this last one can be counted against equity.
At least they have a higher number of shares than Arrow head.
Ann: Quarterly Activities Report, page-25
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