"The 133.9 million shares are the initial placement (=or< 15%)...

"The 133.9 million shares are the initial placement (=or< 15%) that gives JPR immediate cash without shareholder approval and has nothing to do with any entitlement under the rights deal."

The convertible notes are not entitle to participate, but the initial placement is entitled. That was my point. So Waterford are guaranteed a further 133.9mil/3 = 44mil shares in additial to the initial placement and con note.

Any underwriting is on top of that.

"The RI underwritten by Waterford was for $9.17M @ 2.7 cents per share which equates to 339.63 million shares"

Exactly. 339mil share multiplied by 3 = 1017mil share

which is equal to the current 883mil + 134mil placement.

Will it remain buoyant post record date?