Ann: Antilles Gold to Raise $2.0 million for Activities in Cuba, page-39

have you checked these calcs and theory against the rules around an already > 20% holder which to my understanding place a cap on a no more than a certain % increase in holdings per 6 months under the "Creep Exception Rule" that kicks in as soon as a 20% holder becomes so.

No off the top of my head, I do knwo that Rights Issues are allowable to increase holding by more than athe allowable % because there's no advantage there because a Right Issue is just that, it is available to all shareholders.

Not too sure of a Convertible Note which provides a pathway to convert for cheap as you've put it accross, but neither you or I have that option to avoid being diluted.

It'd be interesting if you coud reconcile your thoughts alongside what is actually allowable under that "Creep Exception Rule"

here's a head start for you