RE:offer at 5 pencesHRc, to be fair, it is irrelevant how many shares are outstanding in i3e to determine the value of their offer (insult). Considering your calculations their insult is worth about a quarter of a cent Canadian per share (yet few are willing to accept twice that amount in the market and get their money right away..... strange?). Was it you or someone else that was willing to accept three cents Canadian? At that price i3e would have to increase their offer 12 times. If you want equal value they would have to increase it close to 35 fold. Hoping that the Toscana shareholders are not as dumb as doorknobs, I can only assume their reluctance to take twice as much in the marketplace is indicative that there will be a resounding NO vote. As per my immediately prior post, to increase the offer to three cents Canadian would only result in a 5 % dilution to i3e shares as of now!