Reduced holding by money manager Since the last report filed on July 10, 2019, MM Asset, on behalf of MMCAP, has disposed of an aggregate 99,000 March Warrants (as described in Item 3.2 below) and 2,898,500 Shares, representing a net decrease of approximately 2.36% of the Issuer’s 123,913,559 outstanding Shares as reported by the Issuer in its Management Discussion and Analysis dated September 30, 2019 (the “Outstanding Shares”), calculated on a partially diluted basis.
As at the end of September 2019, MM Asset, on behalf of MMCAP, exercised control and direction over:
(i) 4,000,000 Shares;
(ii) 10% unsecured convertible debentures in the aggregate principal amount of $12,500,000, entitling the holder to acquire 8,620,690 Shares at a conversion price of $1.45 per Share until March 2, 2020;
(iii) 4,504,500 common share purchase warrants (the “March Warrants”) (each March Warrant entitles the holder to purchase an additional Share at the price of $1.50 per Share until March 22, 2020;
(iv) 2,857,143 common share purchase warrants (the “July Warrants”) (each July Warrant entitles the holder to purchase an additional Share at the price of $0.90 per Share until July 13, 2021);
(v) 4,000,000 common share purchase warrants (the “June Warrants”) (each June Warrant entitles the holder to purchase an additional Share at the price of $0.60 per Share until June 28, 2021); and
(vi) 101,500 Shares pursuant to securities lending arrangements described in Item 3.6 below, representing approximately 16.74% of the Outstanding Shares, calculated on a partially diluted basis.