RE:Something to keep in mind Looking at it in isolation without considering why they had to issue shares to begin with won't give you the full perspective of the company. Looking back when it didn't have its current US operations, the company was pretty much struggling to make a profit. The old US business was struggling (pretty much dead) and the CAD side wasn't fairing any better. The company just couldn't grow organically because it wasn't generating free cashflow like some of the other bigger competitors (PHX for example). The only other option was to acquire companies, but the only currency they had was their common shares and debt instruments. So, while dilution and debt sucks, it was the only viable path forward to quickly gain traction.