Shareholders of American Gem, a private Montana company, are set to become the majority shareholders of Dolphin Explorations (TSE).
The reverse takeover would result in American Gem becoming a wholly owned subsidiary of Dolphin.
The proposed takeover is the result of an agreement in principle among the two companies and Birkenshaw & Co., which owns 61.2% of Dolphin’s issued and outstanding shares.
Under the agreement, existing Dolphin shares would be consolidated on a 1-for-20-share basis, prior to American Gem shareholders receiving one new share of Dolphin for each American Gem share currently held. Dolphin would then have about 23.4 million shares outstanding.
It has also been proposed that Dolphin’s name be changed to American Gem.
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