Strategy to squeeze out pesky unwanted investors is to complete the reverse split, then recapitalize with the friendly shareholders. 


Passport  is financing without doing the reverse split, so new money is buying the same level of shares that may have been aquired on the open market in that same timeframe.   There is no dilution applicable to existing versus new PP shareholders in this instance.  We all get diluted, but the company has more money that will be used hopefully in a smart way to continue to de-risk the project and build investor value.  A new PP share will accrue the same loss or gain as a share bought on the open mamrket today.


I challenge anyone to validate a dilution arguement using math.


And for those that are waiting for a reverse split before taking a position.  My advise would be to do just exactly that.  


Only bee in my bonnet is the 5 year options expiry.  Clearly set up for the 'special' shareholders.