"US$4,800,000. Bearer Notes were sold in principal amounts of S$5,000, with each note entitling its holder to convert it into 9,090 Common Shares of Yamana. The Notes have a term of five years and are convertible into Common Shares of Yamana at an initial conversion price of US$0.55 (est. C$0.81)per share."
Dilution....$4,800,000 / $5,000 = 960 notes x 9,090 share = 8,726,400 shares
"Each Noteholder also receives Warrants to purchase 4,545 Common Shares for each note. The Warrants become exercisable into Common Shares at a price of US$0.66 (est. C$0.97) before July 31, 2001, but only in the event that the corresponding Notes are voluntarily converted before July 17, 1999."
Potential dilution....960 notes x 4,545 shares = 4,363,200
Potential additional cash....4,363,200 shares x $0.66 = $2,879,712
Capital stock as of Feb 28, 1998......27,332,359 shares
Convertible notes......................8,726,400 shares
Subtotal..............................36,058,759 shares
Convert. notes warrants................4,363,200 shares
Subtotal..............................40,421,929 shares
Outstanding options....................2,997,250 shares
Outstanding warrants...................5,111,566 shares
Total.................................48,530,775 shares
The outstanding warrants are as of Feb 28, 1998 and should have expired without being exercised.
Best of Luck,
Ross |
