RE: Very Simple Question.Anonymous is the big seller at 50 cents. Anonymous also drove the price down to 50 cents at 9:30am Thursday, several days after the Sedar announcement of the meeting delay (no press release). The price subsequently popped up to 55 cents.
Under TSX rules, 50 cents is exactly equal to the maximum price which would allow a private placement to be done at 40 cents without needing a shareholder vote. Please see the information circular for the vote. Note the 20% rule they explain.
They didn't quite make the 20% cut-off with the historical average price, as they note, so you must vote.
They also are doing more than 25% dilution, maximum allowed by TSX without a vote, so you must vote.
But they could relaunch a quick placement for 6 million shares at 40 cents and would not need a vote, if this vote fails. I don't know how frequently they could repeat that in a year. That may be their fall-back plan.