Australis Spinoff Info....Now posted on SEDAR. Coles notes as follows:
Each "unit" will consist of ONE common share and ONE common share purchase warrant. The warrant is exercisable into one share at an exercise price of $0.25/share for a period of one year from the date of distribution.
The exchange ratio is 1 unit for every 34 aurora cannabis shares. The record date has not yet been set, however as of August 13, 2018 the total shares o/s is 952,433,322. Only paid up Aurora shares are considered (no options/warrants holders will receive any units).
Arlene Dickenson will be part of the initial board members so that is a unique factor. The other 4 Director's are established business persons. Of particular note is Campbell Birge who is the President and Director of CTTH Pharma (who Aurora did a controlling interest acquisition in). CTTH holds a patent on sub-lingual wafers and certain delivery methods. CTTH trades on the OTC markets in the US.
Australis has applied to list on the CSE which have conditionally approved the application so once the distribution is made, trading should begin relatively close to this date.
There will be NO taxable consequence for Canadian taxpayers as the distribution is a return of capital.
The initial assets will include a $500,000 financing from Aurora Cannabis who will receive in exchange for a special warrant to obtain up to 20% of the company at an exercise price of $.20 per share for a period of ten years from the date of distribution.
After the distribution, it is expected that there will be 113,012,745 common shares o/s which will be listed on the CSE. As of the distribution date, it is not expected to list the warrants so there will not be a market for those.
GLTA