48.2 million shares? I don't mean to rehash this, but I cannot account for all the shares that will be listed by the TSX, 48,179,730. That number blew me away.
As part of the recap, 27,955,088 will be issued to all stakeholders. Add the warrants 2,709,088 and the convertible debentures also issued. The $100 million with a strike price of $20.27 (SWEET BARGAIN COMPARED TO THE WARRANTS) will add 4,933,399 more shares. The total: 35,683,996
That leaves 12,495,734 common shares to be listed without any detailled information.
The employee stock plan shares in existence, should be included in the initial 27.9 million, the same as the shares held by the directors. So where are these other shares going?
Were the directors and employee shares exempted from the 200:1 RS?
Are the directors issuing themselves that many new shares?
Any ideas?