Jascan recently reported it owns 692,300 shares of Atlantic, a 5.9% interest. And, when its warrants are taken into consideration, Jascan beneficially owns 13.3% of Atlantic.
The warrants entitle Jascan to purchase one million shares of Atlantic at $1.25 per share. Atlantic shares were recently trading in the 62 cents range.
Atlantic recently announced it has increased its interest in Jascan to 23.5%. Atlantic, with a new controlling shareholder, also announced it will not proceed with a proposed merger with Jascan.
New Brunswick firm Kash Investments, controlled by Ronald Gougen, recently acquired a 19.7% interest in Atlantic. Investment firm Midland Doherty had prepared a share exchange ratio for the proposed merger.
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