RE:Looks like McWhirter gets to re-enter his position at a I think you might have nailed this... thanks for your theories and insight...
rainorshine59 wrote: 15% discount to where he sold out a month ago...and grab a bag full of Warrants to boot.
The Bay St. crowd is laughing all the way to the bank on this one...
Have no doubts that they knew PP had to come to them, cap in hand, to get a TSX 'blessing' before any multiBillion$ multinational would do a deal.
...Needed a $5MM raise only and now their elbowing each other out of the way at the trough to force the deal to 'upsize'. (They probably have the whole deal pre-shorted..i.e. hedged)
I can't blame PP for agreeing to it.
The oldest saying around is "Take the money now when it's offered...tomorrow things might change!"
Probably lots of support around the issue price until the Offering is closed...it may be increased again...and then lots of trading opportunities between here and the $6.75 + until the '20 consecutive days of closes' to force the start of the '30 day exercise period'.
If there is no further dilution than what is already PR'd then the float will grow by ~5 million shares after full exercise of the Warrants.
That will raise the total number of shares to ~160,000,000.
At $6.76 ( a penny above the Warrant Exercise trigger price) the Mkt Cap will be...and I DO MEAN 'WILL BE!'....$1.1 Billion.
Canada's next publicly listed Unicorn.
This little backdraft to the issue price is an opportunity for those that don't have an 'in' with a broker to get some shares at roughly the same price as the issue...sans Warrnats of course.
They keep an issue like this ...and the Warrants...for their best personal clients...after they fill their own and family accounts.
Can't wait for McWhirter to wax eloquent about the PYR story next on BNN...after giving full disclosure that He, his family, and his fund participated in the 'recent financing' associated with the Graduation to the TSX....joke.
PYR, alphabetically, on the TSX will be between:
PYF.B - Purpose Premium Yield Fund Non Hedged ETF and
PZA - Pizza Pizza Royalty Corp.follow the listing...Yum!!!