Comment by Winwarrioron Jun 06, 2016 9:33am
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Post# 24937101
RE:RE:RE:welcome
RE:RE:RE:welcome'Dry" not saying this is correct but I am pasting from a July 30th GCO NR on the terms of the separation agreement . . . . .
At the Meeting, shareholders will also be asked to approve the conversion of all outstanding principal and interest accrued thereon owing to IMHL under a loan agreement dated July 8, 2013 in the approximate aggregate amount of $4.87 million into Global Cobalt common shares upon the completion of the Arrangement (the "Debt Conversion"). At a conversion price of $0.05 per share, this will result in approximately 97 million shares being issued to IMHL, which when combined with approximately 2.5 million Global Cobalt common shares to be issued to IMHL under the Arrangement Agreement to compensate it from the dilution arising from the issuance of shares by Global Cobalt to cover costs associated with the Arrangement, will result in IMHL holding approximately 61% of Global Cobalt's issued and outstanding common shares upon the completion of the Arrangement. The approval by shareholders of the Debt Conversion is a condition precedent to the completion of the Arrangement.