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The bottom latches on too the rim of the can the top Blade cuts through the top of the can with a levering motion. Hope that helps my friend!
The nub rides on the rim. You rotate on the nub to push the blade edge into the can and work it around.
OK. The one on the black scout knife (Not the very, very nice looking Schatt&Morgan...wow!).
What part is up? The thing with the nub? Is the knife parallel to the top of the can?
You stab the curved part straight into the top of the can the (nubed) part sits on the rim that gives you the leverage to cut through the top.
The interesting part to me is the transition from a upward levering motion that cut on the up stroke to a upward levering motion that cut on a downstroke. I wonder what brought that change about.