SmartCentres Real Estate Investment Trust T.SRU.UN

question about PFN/SRU

[whittdav21]

I’d like to ask what is probably a dumb question? One of the big knocks by PFN investors against SRU was it’s supposed dilution that would occur by it’s going alone; whereas PFN was supposed to because of big brother be dilution free. Below is a portion of an article concerning PFN. Is this not dilution albeit in a small way? March 11 - 17, 2002 PNWC active at River Valley Drilling targets Dana Lake, Lismer's Ridge zones Recently, the company financed a private placement of up to 166,666 flow-through units priced at 60¢ each, for gross proceeds of $100,000. Each unit consists of one share and half a non-transferable warrant. A whole warrant entitles the holder to buy one additional share over three years at 60¢ each. At last report, PNWC had 22.7 million shares fully diluted.