Post by
lscfa on Jan 20, 2016 12:30pm
Possible reason for delay - TSXV approval
When the offering was priced the market cap of SLC was $27 million ($0.20 x 136 million shs).
The offering was for a minimum $9 million, which is > 25% of the market cap.
This would normally require a shareholder vote according to TSXV rules.
But the TSXV does allow exemptions like demonstrating financial need.
Maybe SLC is waiting for TSXV approval to avoid a shareholder meeting and vote.
"Kevin Taylor is a director of Slyce and principal of JJR Private Capital Limited Partnership ("JJR"), which is the lender providing the Bridge Loan. Accordingly, the entering into of the Bridge Loan is a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). Pursuant to MI 61-101, the Bridge Loan is not subject to formal valuation requirements and the transaction is also exempt from the minority approval requirement, in reliance on sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Bridge Loan, insofar as it involves interested parties, exceeds 25% of Slyce's market capitalization."
Comment by
Saintvitus on Jan 20, 2016 1:55pm
Why don't you ask the company? Btw, please post your email stating they already met the $9mm minimum.