RE:tricky contracts between hpq and pyr .I would say that no additional shares of V.HPQ have to be issued to effect PYR's option to be a 50% owner of HPQ Nano or HPQ Polvere because if they exercize their option they do not buy half of V.HPQ which trades on the TSX. They buy half of the two divisions of V.HPQ (HPQ Nano and HPQ Polvere) which are separate, legal, corporate entities owned by V.HPQ. and which do not trade on the TSX. They are privately-held by us as shareholders of V.HPQ. Besides, the two deals are between V.PYR and each of HPQ Nano and HPQ Polvere and not between V. PYR and V.HPQ so there should be no impact upon the V.HPQ share structure as it is not part of the deal. Considering that the two divisions do not trade publicly its really just a snap of the fingers to make it happen as far as I can see.
Of course, in future if PYR holds 50% of either or both of HPQ Nano and HPQ Polvere then upon a sale of either or both, V.HPQ shareholders get only 50% of the sale value distributed to them with the other half going to shareholders of PYR.
Basically, the deals allow PYR to get a fraction of the return on any sales due to production from both divisions until that magic day when the big fish swoop in and gobble up either or both divisions and the technology held by either or both divisions for themselves. Just before that happens PYR wants to stop being a royalty-receiver and start being a 50% owner of either or both divisions and so they will exercize that option to cash in on what will hopefully be a sale price of billions of dollars for each division. The announcement of PYR exercizing its 50% option in either division should send the V.HPQ share price to the moon because that would be the sign that a division is to be sold and the billions from the sale would be distributed to shareholders.
All of the above is just my opinion.
I wrote a piece not long ago where I speculated as to how this might play out.
GLTA.