Quite right, warrants not included in those estimates, and...

Quite right, warrants not included in those estimates, and if/when exercised would effectively double the final dilution, but the additonal cash injection component of any warrants exercised would then also need to be taken into account.

Still won't be possible to calculate final dilution until the listing occurs, based on the listing price and how much capital is involved. I don't think the deal becomes binding until closer to that point anyway.

I'm hoping the ASX shareprice continues to strengthen in the interim so any dilution is minimised as much as possible. A fully funded balance sheet and a succesful Nasdaq listing at that point would (to my mind) be a pretty good deal.

GLTAH and as always DYOR