RE:Bad NewsHas anyone looked at Sedar for September 7? Long story short, see subject line.
Sandwiches will be provided at the wake.
2.1 State the name and address of the eligible institutional investor. Trapeze Capital Corp. (“TCC”), 22 St. Clair Avenue East, 18th Floor, Toronto, Ontario, M4T 2S3 Trapeze Asset Management Inc. (“TAMI”), 22 St. Clair Avenue East, 18th Floor, Toronto, Ontario, M4T 2S3 TCC, TAMI, and their affiliates are together, the “Investor”.
2.2 State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the transaction or other occurrence. The requirement to file this report is triggered by the decrease of Common Shares held in by accounts fully managed by TCC and TAMI in their capacity as portfolio manager and an increase in the Issuer’s issued and outstanding Common Shares.
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The Investor beneficially owns or exercises control or direction over:
(i) 22,764,115 Common Shares;
(ii) 21,814,951 Common Share purchase warrants (“Warrants”) exercisable into 21,814,951 Common Shares; and
(iii) $2,187,000 principal amount of convertible debenture (the “Convertible Debenture”) convertible into 14,580,000 Common Shares.
The Investor beneficially owns or exercises control or direction over an aggregate of 59,159,066 Common Shares, assuming the exercise by the Investor of the Warrants into Common Shares and the conversion of the Convertible Debenture into Common Shares, representing approximately 20.0% of the Issuer’s then issued and outstanding Common Shares on a partially diluted basis (i.e., assuming no such other securities are exercised by other holders thereof). As at August 31, 2018, the Issuer’s issued and outstanding Common Shares was 258,709,405.
Item 4 – Purpose of the Transaction
State the purpose or purposes of the eligible institutional investor and any joint actors for the acquisition or disposition of securities of the reporting issuer. Describe any plans or future intentions which the eligible institutional investor and any joint actors may have which relate to or would result in any of the following:
(a) the acquisition of additional securities of the reporting issuer, or the disposition of securities of the issuer;
The securities described herein are being held for investment purposes. Depending on market conditions and other relevant factors, the Investor intends to decrease its ownership, control or direction over the Common Shares through market transactions, private agreements or otherwise.