It has no benefit to GPN shareholders. They could have done a...

It has no benefit to GPN shareholders. They could have done a rights issue of GPNOB at .001 and raised $714,000 instead of $214,000, leaving the conversion price at .02. Much less dilution and a good chance most shareholders and optionholders would have supported it. The sophisticated investors could have underwritten it if they wanted to increase their position in GPN.

Most probably YRR in line for something similar. By the time the true value of any project has been realised average shareholders will have been diluted out of any real benefit. Most will be lucky to ever break even unless a completely independent board takes over. Some of the same dodgy characters are also part of the sophisticated investors who stand to get control of GPN ahead of any iron ore drilling. Also gives them most of the 40m YRR shares when the distribution takes place later on.