Why I vote NO
A fair offer will be one (1) i3 Energy Shares for one (1) Toscana Share
At October 7, 2020, 4,399,224 i3 Energy Shares has a value of 300 907$CDN (= 4 penny x 1.71 cents cdn/penny). It is less than the cost of the posting the proxy and less than the Sayer cost, both paid by Toscana.
September 1, 2020, 4,399,224 i3 Energy Shares (representing approximately 0.6324% (695 655 600) of i3 Energy Shares on a fully-diluted basis) to the holders of Toscana Shares
Today 2,4% of i3 Energy Shares is 16 695 734 shares
As of the date (29 March 2020) of this Agreement, there were 107,719,400 Ordinary Shares and 5,000 Deferred Shares in issue. (c) As of the date of this Agreement, there are 14,275,931 Ordinary Shares issuable upon the exercise of all outstanding options to acquire Ordinary Shares pursuant to the Purchaser Share Plans and 63,979,496 Ordinary Shares issuable upon the exercise of all outstanding warrants.
4,399,224 i3 Energy Shares (representing approximately 2.4% (185 979 827) of i3 Energy Shares on a fully-diluted basis) to the holders of Toscana Shares. At that time i3 Energy Shares was trading at 9.5 penny or 714 654$Cdn and the petrol was at -2$US per barrel.