You shouldn't be in bad shape tax-wise. I don't know Canadian tax law - but in the US, you only get taxed when you sell the shares. Capital gains would not be recognized if you exercised the options and held onto the shares.
Since you have been exercising your options - you are a shareholder in the company (or a member depending on the structure) and I would imagine that the company's operating agreement would require them to disclose any funding rounds to you. I'd get a hold of that if you can.
It sounds like you're working with amateurs, so I'd pass it by a lawyer to determine the real impact on you - but I wouldn't flip out until you get the entire picture. They may be planning on diluting the hell out of you or they may just not know what the hell they're doing.
Since you have been exercising your options - you are a shareholder in the company (or a member depending on the structure) and I would imagine that the company's operating agreement would require them to disclose any funding rounds to you. I'd get a hold of that if you can.
It sounds like you're working with amateurs, so I'd pass it by a lawyer to determine the real impact on you - but I wouldn't flip out until you get the entire picture. They may be planning on diluting the hell out of you or they may just not know what the hell they're doing.
I'd say it's too early to tell.