Trelawney Mining and Exploration Inc TWNNF

IMG shares tied up NOT 13.3%

[letsgetready]

I can't come up with the 13.3% unless options are included. The press release clearly says 13.3% of the current outstanding shares has been tied up but reading the recent filings on SEDAR, I can see only 8.5 million shares held by IMG and 3.1 miilion by management at April 27 for a total of 11.6 million out of 177.3 million or 6.5%. (unless they've tied up another party and have posted this agreement for some reason)

 

Per press release

• Shares held by IAMGOLD and shareholders who have agreed to voting arrangements, including management and the Board of Directors, represent approximately 13.3% of the current shares outstanding.

[letsgetready]

The IMG share agreement with TRR's board and management shows they hold around 13.6 million options..of these only 6.0 million are in the money and would be exercised at the $3.30 offer price..7.6 million are out of the money and have an exercise price of $4.50 or above. I can't get to how IMG has tied up 13.3 of the current outstanding shares..unless they have tied up a significant