Note that Dundee is allow to offer an additional 15% which makes it $11.5 million. Adding half of $11.5 million in Warrant will make it $17.25 million (59,482,759 shares). Also, Dundee will receive 6% in warrant on top of the 6% commission. Adding the final 6% of $11.5 million(11.5 X 0.06 = 0.69 = $690,000) will end up with $17.94 million (which is the $18 million that mtlimpact talked about). Total is 61,862,069 shares.