Something to keep in mind is that this placement was done at the...

Something to keep in mind is that this placement was done at the exact same price per share ($1.50) as what PAK paid 11 months ago. When a placement is done at no discount to the current stock price, the EV of a company doesn't change. While there is $2m worth of dilution, the company we're invested in has $2m more cash, it doesn't actually make our investment worth any less at the current time.

If PAK decided to stump up the cash themselves, we'd need to do another placement and our PAK shares would be diluted anyway. Plus there'd be fees for the raise and it would likely be at a significant discount to PAK's current share price. PAK would own a larger percentage of IM but we'd own a smaller percentage of PAK.

I'm not trying to sugar coat it, obviously it would have been nice if this new investor had to pay more per share than us, since the company is further advanced. If IM takes off, owning a larger percentage would be a good thing but I don't necessarily disagree with what management have done at this stage.