RE: DealHere's the break down on the deal.
The deal isn't done until Coro shareholders vote. They want the vote to be done before Jan 28. If they vote for the deal then here's it is.
Benton has agreed to purchase 27,272,727 units for gross proceeds of$3,000,000. Upon completion of the private placement, Benton will own27,272,727 common shares of Coro and 27,272,727 warrants, representing34.3% of the issued and outstanding common shares of Coro.
Each warrant will entitle the holder to purchase one common share ofCoro for a period of two years at a price of $0.18 for the first yearfrom the date of Closing and at a price of $0.20 thereafter until theexpiry date.
If they excercise the warrants then they own 51.1% assuming that all of its warrants are exercised and the balanceof the warrants issued on this private placement are not exercised.
Here's a clause they have regarding the warrants.
The Company may require the earlier exercise of the warrants upon theoccurrence of the common shares of the Company trading on the TSX at aprice of at least $0.50 for 10 consecutive trading days. So that means if they purchase the warrants at 20 cents then they have to come up with 6 million in cash. If they choose not to then they own 34.3% of the company.
MM