I have these problems with your theory:
1. By doing this they give up their three person 25% interest acts as a block to a takeover.
2. The Board has to act in the best interests of the share holders-issuing 60 million shares at 66.5 cents would put $39.9 million dollars into the company accounts so the issue would likely be approved particularly if it was bringing someone of substance onto the register and at least the Board if not into the roll of CEO.
I am not saying that you are wrong just that these are my concerns.
My opinion only DYOR.
FF.
2021 BRN Discussion, page-3256
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