The $400 million share repurchase authorization is designed to address the additional common shares
PMI will issue on November 15, 2006 under the terms of its 5.
The forward counterparty is initially selling 6,800,000 common shares
(or 7,720,000 common shares
if the underwriter exercises its over allotment option in full) in a public offering at $15.
collectively, the "Drake Group") own and control 484,650 common shares
of Innova representing approximately 1.
The Company believes that setting the conversion rate will discourage continuing naked short sales of its common shares
with limited dilution of common equity to those shareholders that bought on or after the ex-dividend date of March 15, 2006.
After completion of the Amalgamation, holders of Lonsdale Common Shares
will hold 6,532,662 Amalco Common Shares
Acquireco"), a private non-arm's length company controlled by certain officers of Direct IT, in consideration for the assumption of all liabilities of the existing business and operations of Direct IT plus 1,020,000 common shares
of Direct IT.
Furthermore, the Corporation has agreed to pay a fee of $5,005 and issue non-transferable compensation options to purchase 12,833 common shares
at a price of $0,39 per share for a period of two years of the closing to another dealer in relation with the private placement.
The Debenture Units are convertible into Icefloe common shares
at any time, at the option of the Debenture holder, at a conversion price of $0.
The Corporation completed its initial public offering of 3,750,000 Common Shares
on June 29, 2005, at a price of $0.
Debentures holder will receive about nine (9) common shares
of the Company for each one (1) dollar in principal amount and accrued interest of debentures owned.
If YMG converted all of these Debentures it would beneficially own, directly or indirectly, or exercise control or direction over 1,450,596 common shares
of Icefloe or approximately 13.
70 per flow through share, 1,000 common shares
at the price of $0.
SelectComm") whereby Ribbon has agreed to acquire all of the issued and outstanding shares of Local Fone and SelectComm (collectively, the "Companies") in exchange for the issuance of an aggregate of 40,000,000 common shares
in the capital of Ribbon at a value of $0.
Under the terms of the letter agreement, Newco completed a private placement on December 21, 2005 of 15,000,000 Newco common shares
(the "Newco Common Shares
") at $0.
As additional consideration Desjardins Securities will receive broker's warrants, representing 10% of the total number of common shares
comprised in the subscribed Units A and Units B, each broker's warrant entitling it to acquire one Unit A at the price of $0.