Bought deal mathCash out flow : $46,000,000 Cash inflow: $3, 220,00 (7% commission) Cash inflow: $29, 900,000 (selling 65% of the 18,400,000 shares and warrants to clients at $2.50) Cash inflow: $2, 060, 800 ( selling the remaining 35% of the warrants @ $0.32) Net cash outflow : $10,819,000 Remaining shares: 6,440,000 ( 35% of initial18,400,000 shares) Cost per share: $1.68 ( $10,819,00 / 6,440,000) So yeah Canaccord has been dumping the shares for proft.