RE:RE:RE:fins on sedar Co. admits an error....
The news release and third quarter financials have been updated and refiled today.
The equity financing from Sorbie included 12.2 million units which consisted of one common share and one half warrant per unit. There was an error in the note disclosure with the missing word ‘half’ in the writeup.
The warrants issued was 6,100,000 on the equity component of the Sorbie financing and 4,600,368 issued on the loan note portion.
For a total of 10,700,368 warrants – both disclosed in note 20(b)
No warrants have been exercised and are still outstanding.
lscfa wrote: 12,200,000 + 4,600,368 = 16,800,368 so why does note 20 show 10,700,368?
On March 29, 2022, the Company issued 12,200,000 Units at a price of $0.12 per unit for gross proceeds totaling $2.568 million. Each Unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at an exercise price of $0.175 in Year 1 and 2 and $0.20 in Year 3 after the date issuance.
On March 29, 2022, 1,104 Convertible Loan Notes in the principal amount of $1,000 per note, bearing an interest rate of 1% per annum. Each note is convertible into 8,333 common shares for a period of 36 months from the date of issuance. Conversion of the notes is limited to only when shares issued combined with the then current holdings of the holder will not take the holder above 9.9% ownership of the Company. Since the notes are to be settled in shares, the units are treated as equity. In addition, 4,600,368 Common share purchase warrants were issued, each warrant entitling the holder to purchase one additional common share at an exercise price of $0.175 in Year 1 and 2 and $0.20 in Year 3 after the date issuance.