Bonnie:
Certainly is good news ILII got a TSE listing...I recall one of BBS' picks SHO announced a MSE listing and subsequently doubled in price before the listing...hope we follow similar scenerios here...
Going slowly through the prospectus, and wondering if you or anyone else has any theories on this:
<<Each Special Warrant entitles the holder thereof to acquire, for no additional consideration, and subject to adjustment as described below, one Unit consisting of one Common Share and one-half of one Share Purchase Warrant, before 5:00 p.m. (Toronto time) on the date (the "Expiry Time") which is the earlier of (i) the date which is five business days after the date on which a receipt (the "Receipt Date") for this prospectus has been issued in the Province of Ontario (the "Qualifying Jurisdiction"), and (ii) October 3, 1998. All Special Warrants not exercised at the Expiry Time shall be deemed to be exercised immediately prior to the Expiry Time without any further action by the holder. In the event the Company has not received a receipt for this prospectus from the Ontario Securities Commission by 5:00 p.m. (Toronto time) on February 1, 1998 (the "Qualification Deadline"), the Special Warrants will thereafter entitle such holder to receive, for no additional consideration, 1.10 Units instead of one Unit.>>
The date of the propsectus was January 23, so I assume 5 days after was January 30. This means the warrants were freely exercisable on Friday. Definitely good news that the underwriter doesn't appear to be planning to push down the price of the stock. Not significant volume on Friday, and didn't appear as if anyone was in a panic to sell. Hmmm... coincidence that the TSE listing was announced on the same day?
Incidently, did anyone else notice that big block of 200,000 shares go through at $2.75 on Friday? Perhaps that was a 200,000 of the 6 million shares hitting the market.
Regards,
Obie. |
