Liminal BioSciences Inc. PFSCF

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Convertible Debentures

• the Company’s Convertible Debentures in the aggregate principal amount of C$50 million, plus all accrued and unpaid interest (including the interest payment due March 31, 2019), will collectively be exchanged for new common shares of Bellatrix representing approximately 32.5% of the common shares of Bellatrix outstanding immediately following the implementation of the Recapitalization Transaction, as follows: 
  • holders of Convertible Debentures (“Convertible Debentureholders”) that vote in favour of the CBCA Plan by 5:00 p.m. (EST) on the Early Consent Date of May 15, 2019, as it may be extended by Bellatrix (the “Early Consenting Debentureholders”) will be entitled to receive in exchange for their Convertible Debentures (i) their pro rata share of early consent new common shares of Bellatrix representing approximately 5% of the common shares of Bellatrix outstanding immediately following the implementation of the Recapitalization Transaction, and (ii) their pro rata share of new common shares of Bellatrix representing approximately 27.5% of the common shares of Bellatrix outstanding immediately following the implementation of the Recapitalization Transaction (the “Convertible Debentureholder New Common Share Pool”);  and 
     
  • Convertible Debentureholders that are not Early Consenting Debentureholders will be entitled to receive in exchange for their Convertible Debentures their pro rata share of the Convertible Debentureholder New Common Share Pool; 
     
• the Company shall have the right, on or prior to the Effective Date, to repay the Convertible Debentures with cash from proceeds of one or more equity issuances for up to 32.5% of the aggregate issued and outstanding common shares of the Company upon implementation of the Recapitalization Transaction, and to the extent such equity issuances are for less than 32.5% of the aggregate issued and outstanding common shares of the Company upon implementation of the Recapitalization Transaction, any such difference shall reduce the dilution in respect of the Existing Shareholders (as defined below); 

Existing Equity

Here is the Important part

• upon completion of the Recapitalization Transaction, existing shareholders (the “Existing Shareholders”) will retain their existing common shares of Bellatrix, subject to a share consolidation (the “Share Consolidation”) to be implemented as part of the Recapitalization Transaction, such that Existing Shareholders will own approximately 16.5% of the common shares of Bellatrix outstanding immediately following implementation of the Recapitalization Transaction;

Other Key Terms

Read more at https://stockhouse.com/news/press-releases/2019/03/29/bellatrix-announces-recapitalization-transaction#uViVQEtr2JyEQ8tx.99