RE:Shareholders Meeting4. to consider and, if deemed appropriate, to approve a special resolution to amend the articles of the
Corporation to consolidate the issued and outstanding Common Shares of the Corporation on the
basis of one (1) Common Share for up to ten (10) Common Shares, with the ratio to be determined
by the Board of Directors, in its sole discretion, at any time prior to March 15, 2019, as described
more fully in the accompanying management proxy and information circular (the “Information
Circular”);
Not sure why anyone would vote for this. the previous share consolidation from November dropped price from an Ave price C$0.75 to current low C$0.49 or apporx 53%
5. to consider and, if deemed appropriate, to approve an ordinary resolution approving the Omnibus
Incentive Plan, as described more fully in the accompanying Information Circular;
Under the current option plan, there is still approx 1.5M outstanding. 1.1M of which expires in 2026 @ the price of C$0.70-0.80. They want us to allow them to keep those AND approve another 1.9M at likely sub C$0.70 prices.
Total options would consist of an additional 3.4M shares. Thus diluting us by 20%.
6. to consider and, if deemed appropriate, to approve an ordinary resolution to amend 546,456 of the
Corporation’s outstanding unlisted warrants to purchase Common Shares, as described more fully
in the accompanying Information Circular; and
Extension of 560K warrants again dilutes us, shareholders, another 3.3%.
Patrick Blott currently holds
16,875 Common shares
295,381 Options C$0.70
327,878 Warrants - (Set to expire) - April/May 2018.
I think he will be ok without them.