Under the previous agreement, the conversion ratio was three issued common shares of Proteus for one common share of the amalgamated company; three issued preference shares of Proteus for one issued preference share of the amalgamated company.
The amended ratio would change the conversion to 2.5 issued common shares of Proteus for one issued common shares of the amalgamated company; and 2.5 issued preference shares of Proteus for one issued preference share of the amalgamated company.
The conversion ratio of shares of Silverside will remain one issued common share of Silverside for one issued common share of the amalgamated company.
As a result, following the amalgamation, the issued capital would be 10,889,493 issued common shares; 320,000 shares reserved for issuance pursuant to outstanding warrants; 201,000 shares reserved for issuance pursuant to directors and employees stock options; and 470,769 issued preference shares.
The amalgamation is still subject to regulatory approval.
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