Siskinds Class Action updateSettlement was reached with certain directors for a total of $500,000. This amount is before deduction of legal fees by Sisking and various accounting fees. The best estimate that I have in regards to share outstanding is given in the following press release.
GreenStar Announces Conversion of Special Warrants Toronto, April 17, 2014 –GreenStar Agricultural Corporation (TSXV: GRE) (“GreenStar” or the “Company”), a processer of agricultural products such as canned fruits and vegetables for distribution to international and domestic markets, today announced that after public float requirements were met and receipt of TSX Venture Exchange approval, 13,069,892 of the previously issued special warrants of the Company have been converted, in accordance with their terms, into an aggregate of 13,069,892 common shares of the Company. The special warrants were issued by GreenStar on May 31, 2011 upon completion of the Company's qualifying transaction. Each special warrant is convertible into one common share of GreenStar for no additional consideration upon the Company satisfying the public float requirement of the TSX Venture Exchange. Following the issuance of the common shares, there is an aggregate of 30,406,616 common shares outstanding.
This works out to 0.33 cents per share per each $100,000 net after deduction of legal and admin. fees. If legal and admin fees are $300,000 each share would be worth 0.66 cents. So 100,000 shares would be worth $6,666.
I guess we could call up Siskinds and get an approximation of their costs.
B&D