>>>50mm +/- outstanding fully diluted according Mr. Richardson....This is what he told me-verify it..DD<<<
Within the Prospectus, dated Dec. 9, 1998 (the most recent one), it states on Page 61, Item 7(b), the number of outstanding shares is 32,008,912. This represents the current number of outstanding shares and does not take into consideration the warrants or options which are still outstanding.
The warrants and options outstanding as of Dec. 9, 1998 are:
Options issued under Stock Option Plan (Page 62, Section 7(g)(i)) 1,366,800
Options issued to Third Parties (Page 63, Section 7(g)(ii) 590,000
Share Purchase Warrants, exercisable at $1.65 per share up to January 3, 1999. (Page 64, Section 7(h): 7,051,850
A further 535,900 share purchase warrants are subject to issuance upon exercise of outstanding compensation warrants, as per Prospectus, Page 64, Section 7(h)(i)&(ii)
Exercise of 6,335,000 Special Warrants at $1.50 per share and 421,700 Compensation Warrants at $1.50 per share (Note 7 h) (ii) and 8 of Prospectus). These were converted Jan. 23, 1998 and 3,167,500 share purchase warrants are now outstanding.
Exercise of 376,500 Share Purchase Warrants at $1.65 per share (Note 7 h) (i) (ii) and 8 of Prospectus)
Exercise of one Series B Special Warrant for 1,500,000 common shares at $1.25 per share and the issue of 440,000 common shares at $1.25 per share (Note 13 (vi) and (viii) of Prospectus).
Exercise of 8,100,000 special warrants at $1.40 per share (Note 13 (viii) of Prospectus). These 8,100,000 special warrants were converted Sept. 30, 1998 and 4,050,000 share purchase warrants were issued (4,050,000 being the number to concern ourselves with).
Issued one common share warrant exercisable for up to 100,000 common shares at a price of $1.40 per common share up to the earlier of July 31, 1999 and ten (10) business days following the date on which notice is provided to the holder confirming the filing of a registration statement or preliminary prospectus for a public offering of shares of the Company in the United States for proceeds of at least $7.0 million Canadian.
OK, with me so far, let's add them up:
32,008,912+1,366,800+590,000+7,051,850+ 535,900+,3,167,500+421,700+376,500+1,500,000+440,000+4,050,000+100,000
equals 51,609,162
So, I may be missing a couple of shares somewhere, but it sure looks like its around 52M shares. Anyone want to confirm, refute, argue, insult, praise<g> may do so now! |
