Strategic Investment of C$40.8 MillionIf a company becomes cheap enough , somebody may? throw money at it.
Still very very risky after this injection at 40 cents IMHO.
187.2% dilution if I'm reading right.
Key details.
On the Interim Conditions Completion Date, Anaergia will enter into an investor rights agreement (the “ Investor Rights Agreement ”) with Marny and Dr. Andrew Benedek providing for, among other things, customary registration rights and participation rights, and certain information and director nomination rights, including the right for Marny to nominate a majority of the Company’s board of directors, following the closing of the third tranche of the Strategic Investment, so long as Marny owns or controls at least 40% of the voting power attached to the Company’s shares. The Investor Rights Agreement will become effective as of the closing of the first tranche of the Strategic Investment. Following the completion of the first tranche of the Strategic Investment, Marny will have the right to appoint one nominee to the Company’s board of directors. The Investor Rights Agreement will supersede and replace the Company’s existing principal shareholders agreement with Dr. Andrew Benedek.
Dr. Andrew Benedek has agreed to waive his pre-existing right to participate on a pro rata basis in equity financings by the Company and to convert one-third of all multiple voting shares of the Company (the “ Multiple Voting Shares ”) held by him into Subordinate Voting Shares on a 1-for-1 basis in accordance with Anaergia’s constating documents with the closing of each tranche of the Strategic Investment.
Assuming the exercise in full of the Warrants, 122,400,000 Subordinate Voting Shares will be issued pursuant to the Strategic Investment, representing in aggregate approximately 187.2% of the 32,222,369 currently issued and outstanding Multiple Voting Shares and 33,179,135 of the currently issued and outstanding Subordinate Voting Shares.