Strob <strob....@gmail.com>

http://www.newswire.ca/en/releases/archive/May2008/09/c6915.html

I don't really understand this part:

The first tranche is exercisable at $0.15 or at the average price of
the
last ten trading days, if lower, upon the conclusion of the roll-back,
expected by the end of May. The last two tranches are under the form
of
warrants exercisable either at the exercise price ($0.20 for the first
tranche
and $0.50 for the second tranche) or at the average price of the last
10 trading days, if lower.

Is it like they are emitting new shares? Or are they selling shares
they had kept for them?