The Special Warrants will convert on exercise into common shares (the "Common Shares") on a one-for-one basis.
This press release does not constitute an offer of securities for sale in the United States. Neither the issuance of the Special Warrants nor the Common Shares have been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and unless any of such securities are registered, they may only be offered or sold within the United States pursuant to applicable exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.
As a result of the financing Stirling Global Value Fund has acquired 7.18 million Special Warrants which upon their exercise into Common Shares at the same time as all other Special Warrants are exercised will result in Stirling holding approximately 20 million Common Shares representing 15.3% of the approximately 131 million shares then issued.
