I don't think there's any real difference between issuing new shares and selling shares from a pool. Shares can be issued but if they're not actually sold to a

I don't think there's any real difference between issuing new shares and selling shares from a pool. Shares can be issued but if they're not actually sold to anyone, I believe they have no effect on the capital structure of the company. Perhaps the issued shares have some effect on valuation metrics, but that's subjective voodoo anyways...