Teck PPThe Teck PP closed on January 21, 2011. That means the three month mark is April 21st. They can up their interest to 9.9%.
An additional term of Teck's investment in Providence provides Teck an option to increase its interest in the Company to 9.9% by completing an additional private placement. This option may be triggered as follows:
Providence may provide notice to Teck at any time after at the later of (i) three months after the closing of the current private placement; or (ii) after Providence incurs additional expenditures of $1,600,000 on the Iron Range project, at which point Teck may elect to exercise the option or let it expire. The pricing of the additional placement in the Company will be at a price per share equal to a 40% premium to a 10 day trading average; or (ii) a 10% to 40% premium (based on certain conditions) to the price of any coinciding third party financing announced by Providence at the time of the notice.