So if PNP fully exercises all warrants they will own 7.7% or is it 14.1%? Not clear on this breakdown below:

In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 19,873,000 common shares of OPEL, or approximately 14.1% of all issued and outstanding common shares as at February 15, 2013, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Pinetree Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 10,547,500 common shares of OPEL, or approximately 7.7% of all issued and outstanding common shares as at February 15, 2013, calculated on a partially diluted basis assuming the exercise of the Pinetree Convertible Securities only.