I think I'm correcting you. If you notice, ALL the warrants were issued , even though only 1.4 million shares were purchased through the backup.
In consideration for providing the stand-by commitment, the stand-by purchasers were granted 982,567 common share purchase warrants which amount is equal to 25% of the 3,930,268 stand-by shares they agreed to purchase under the stand-by commitment. Each whole stand-by warrant entitles the holder to acquire one common share for $0.83 until June 11, 2018.
http://www.zenyatta.ca/article/press-release-3421.asp
So all the warrants were issued to those on the stand by list, based on the shares they committed for, not the shares they actually purchased. If you assume the standby purchasers bought a pro-rated number, then AE would have bought just over a third of the shares he committed to, so 45-50,000, or around $35,000. But he got the warrants he would get had he bought all his standby commitment.
There is still no official information on exactly how many AE bought. It could even be that he bought zero shares. He would still get the warrants. I think time is running out to file the information, so perhaps we'll know soon.
