William,
I think your forgetting one fundamental point of difference.
PAX's discretion to issue the shares. Pax is calling the shots not Deer.
Therefore:
1. The $5m may never be fully utilised;
2. If it is utilised over the 3 year period (which is a long time in this context), there is a high probability that the SP will be significantly higher than what it is today.
positive article - things are happening, page-14
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