RE:Bought deal not a hot tomatoUnderstand you struggle with comprehension:
Here is what the prospectus stated:
the Underwriter will be paid a cash fee equal to 6.0% of the gross proceeds of the Offering (plus any gross proceeds raised on exercise of the Over-Allotment Option), other than in respect of Units sold to purchasers on the president’s list, being purchasers introduced by the Corporation’s management to the Underwriter, for up to $2,000,000 gross proceeds of the Offering (the “President’s List”), on which the Underwriter will be paid a cash fee equal to 3.0% of gross proceeds from such sales (the “Underwriter’s Fee”)
for up to $2,000,000 gross proceeds of the Offering
Those on the President's list are limited to purchases which total $2,000,000 gross proceeds.
Being that the fee on those sales are %3. Don't want to be cutting into the bookrunners fees.
But you completely mis-represented the reality.