RE:RE:RE:RE:RE:RE:Q1-21 Warrantsst_esteban wrote:
This post only talks about the warrants for Jan 28. Here we said that there were some 12 million warrants that potentially belonged to ARCF II and Mexico.
In the early warning report (March 2016) it was announced that
"Pursuant to the Offering, ARCF acquired 26,313,414 Units, ARCF II
acquired 61,362,266 Units and ARCF II Mexico acquired 3,481,522 Units" this results in an additional ~32m warrants for ARCF (all of them).
26.3M + 61.4M + 3.5 = 91.2M Units = 45.6M warrants for ARCF (all of them). These were acquired from the second tranche of the PP on March 3rd 2016.
The March 3 2016 NR said: “Funds managed by Arias Resource Capital Management LP (the "ARC Funds") purchased an aggregate of 91,157,202 Units in the Second Tranche for gross proceeds to the Company of CDN$15,952,510.35.”
In addition to the above ARC Funds also purchased 31.1M warrants from the first tranche on Jan 28 2006 according to the related NR : “Funds managed by Arias Resource Capital Management LP (the "ARC Funds") purchased an aggregate of 62,176,283 Units in the First Tranche for gross proceeds to the Company of CDN$10,880,849.53.” And if you go to the Earning Warning report of Jan 29 you could read the following: “The ARC Funds collectively, acquired an additional 62,176,283 Units of Largo. ARCF II acquired 58,837,982 Units and ARCF II Mexico acquired 3,338,301 Units…”
So in summary, for the PP announced on Jan 19 2016, ARC Funds purchased 76.7 warrants from 2 tranches, as follows:
1st Tranche - Jan 28 2016, 31.1M warrants, expiry date = Jan 28 2021 and strike price = C$0.29:
ARCF II: 29.4M warrants (58,837,982 Units)
ARCF II Mexico: 1.67M (3,338,301Units)
2nd Tranche - Mar 3 2016, 45.6M warrants, expiry date = March 1 2021 and strike price = C$0.29
ARCF: 13.15M warrants (26,313,414 Units) . Note: These warrants did not belong to the “Jan 28” lot although exercised and transferred to Distribution in Kind on Dec 16 2020.
ARCF II: 30.7M warrants (61,362,266 Units)
ARCF II Mexico: 1.75M (3,481,522 Units)
Toal warrants purchased = 76.7M (31.1 + 45.6) with strike price = C$0.29
Warrants from the above that were exercised as reported lately = 67.75M:
Dec 16 2020: 13.15M warrants ( ARCF transferred to Distribution in Kind, from 2nd trance)
Feb 1 2021: 54.6M warrants (ARCF II and ARCF II Mexico, from both tranches)
Note: 54.6M warrants were exercised on Feb 1 2021. However ARC Funds only had 45.6M warrants with expiry date = March 1st 2021. That’s why I believe that 54.6M warrants exercised on Feb 1 2021 must also include the warrants with expiry date = Jan 28 2021.