Hi Chad,
I found that the press release regarding the sale of warrants to raise funds for VIT lacked the details that I would expect to see. As I understand it, warrant holders are purchasing warrants for C$.63 - and are entitled to exercise those warrants into VIT after a four month hold. What is the exercise price for the warrants? Is there a specific date that the warrants will expire if not exercised? Are the warrants going to be freely traded after this deal is done?
Please advise.
tom
Tom,
As is standard in bought deals, the press release was actually drafted and issued by the lead underwriter, in this case Raymond James. By the way, one of the reasons we chose to go with RJ was to get broader US distribution.
The term "special warrant" is misleading. It is not a warrant at all, simply the name of an instrument that can be exchanged on a 1:1 basis for a common share once we clear certain standard regulatory filing milestones which we plan to do within 45 days. After those issues are cleared, the buyer of the special warrant gets free trading stock ie there won't be a 4-month hold
Chad
