RE:RE:100% increase after jv? check sedar, probably has something to do with this:
On May 31, 2017, the business combination was effected by way of a court approved Plan of Arrangement (the “Arrangement”) pursuant to the Business Corporations Act (British Columbia). The Arrangement was approved by the shareholders of Old GAR on December 16, 2015 and by the Supreme Court of British Columbia on December 18, 2015. On closing of the Arrangement, the shareholders of Old GAR received one common share of New GAR, being an entity incorporated by Old GAR, in exchange for each common share of Old GAR held. Upon completion of the Arrangement, 100% of the shares of New GAR were owned by the former shareholders of Old GAR. In connection with the closing of the transactions contemplated by the Business Combination Agreement, New GAR also received an option exercise payment from Silver Standard of 25% of Pirquitas mine earnings less certain expenditures incurred during the Preliminary Period. At closing, New GAR received a payment of approximately C$17.5 million, representing the period from October 1, 2015 until April 30, 2017. A final payment, representing the period from April 30, 2017 until May 31, 2017, shall be payable by Silver Standard to New GAR on or about June 21, 2017. Following the completion of the Arrangement, New GAR now holds a 25% interest in a newly incorporated joint venture company, Puna Operations Inc. (“JVco”), which holds Old GAR’s Chinchillas Project and Silver Standard’s Pirquitas operation and a 100% - 2 - 51036964.4 interest in Old GAR’s pre-Arrangement assets (other than the Chinchillas Project and the shares of VDC, the entity that holds the Chinchillas Project, which were contributed to JVco pursuant to the Arrangement). Silver Standard holds the remaining 75% interest in JVco and is responsible for managing the combined Chinchillas and Pirquitas assets. Pursuant to the Arrangement, Old GAR changed its name from “Golden Arrow Resources Corporation” to “0694758 B.C. Ltd.” and New GAR changed its name from “1049708 B.C. Ltd.” to “Golden Arrow Resources Corporation”. Old GAR is now a wholly-owned subsidiary of JVco.