In addition, Ember has effected a consolidation of its common shares on the basis of one post-consolidation Ember share for each 2.5 pre-consolidation Ember shares.
Holders of Cordero shares who elected to receive Ember shares under the arrangement will receive 1.0732 post-consolidation Ember shares for each Cordero share.
Holders of Cordero shares who elected to receive cash under the arrangement will, after adjustments resulting from the fact the aggregate cash payable under the arrangement was capped at $70 million, receive $2.348 in cash and 0.615 post-consolidation Ember shares for each Cordero share.
As a result of the completion of the arrangement, Cordero is now a wholly owned subsidiary of Ember. Each of the former officers and directors of Cordero have resigned and been replaced by nominees of Ember. Ember anticipates that the Cordero shares will be delisted from trading on the Toronto Stock Exchange.
