RE:Eldorado to negotiate a much higher % ownership of Integra ?M2,
Slow down a bit with your speculations, they make me head spinning!
With respect to your post, the part that says:
"Eldorado may use this $28 million PP to negotiate a much higher % ownership of Integra ? 20%, 25%, 30%, 40% ?
Read more at https://www.stockhouse.com/companies/bullboard/v.icg/integra-gold-corp#ZfsKLEPBMAmfdJyP.99". Note: the bolds are yours. I just cut and pasted.
According to the the "agreement" (which I commented previously as a loose legal piece) as stated in the NR announcing the strategic investment of $15M for 15% of ICG. As it is written (assuming there are no there fine prints hidden somewhere) ELD does not need to negotiate with ICG...it just need to serve a notice of its intention, since the agreement says " Eldorado will have the right to participate in future equity offerings by the Company. In any offering, Eldorado will be entitled to subscribe for securities equal to the number required to maintain the greater of 15% of Integra's share".
In theory, the investment could go from the 15% level to 20%, 30%, 40% as you indicated.
Going up to 20% (- 1 share) is a possiblity, but up to 19% is safer (to have a reasonable safety margin, since nobody including ELD would not want be be caught going over 20% accidentally, for some reasons). But, beyond the 20% may require an approach to ICG BoD to get an agreement. Also, another set of rules may be triggered (e.g. creeping take-over). As Tomganite said ELD may be required to put on the table a (friendly, permitted) offer through the BoD.
Of course, any company always, has the right to come in with a hostile bid, anytime. But this would also be subject to the new rules and regulations of take-over in Canada, and a 2/3 majority from all shareholders.
GH