Quarterly report pursuant to Section 13 or 15(d)

SHARE CAPITAL

v3.20.2
SHARE CAPITAL
3 Months Ended
Jun. 30, 2020
SHARE CAPITAL  
SHARE CAPITAL

10.     SHARE CAPITAL

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

March 31, 2020

 

 

Number of

 

 

 

Number of

 

 

 

    

shares

    

$

    

shares

    

$

Exchangeable Shares

 

  

 

  

 

  

 

 

Balance beginning of  period

 

117,683

 

118

 

196,799

 

197

Converted into common shares (a)

 

 —

 

 —

 

(79,116)

 

(79)

Balance at end of period

 

117,683

 

118

 

117,683

 

118

Common Shares

 

 

 

 

 

 

 

 

Balance at beginning of the period

 

5,009,151

 

5,008

 

3,661,838

 

3,661

Shares issued to exchangeable shareholders (a)

 

 —

 

 —

 

79,116

 

79

Shares issued on conversion of loans

 

 —

 

 —

 

1,268,191

 

1,268

Share consolidation rounding adjustment

 

 —

 

 —

 

 6

 

 —

Balance at end of the period

 

5,009,151

 

5,008

 

5,009,151

 

5,008

TOTAL SHARES

 

5,126,834

 

5,126

 

5,126,834

 

5,126


 

(a)During the quarter ended June 30, 2020, Nil exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2020 – 79,116 shares)

 

Special Voting Preferred Share

In connection with the Merger (Note 1), on February 26, 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one Special Voting Preferred Share to the Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares (the “Beneficiaries”). Pursuant to the Trust Agreement, the Beneficiaries will have voting rights in the Company equivalent to what they would have had, had they received shares of common stock in the same amount as the Exchangeable Shares held by the Beneficiaries. In connection with the Merger and the Trust Agreement, effective February 20, 2015, the Company filed a certificate of designation of the Special Voting Preferred Share (the “Special Voting Certificate of Designation”) with the Delaware Secretary of State. Pursuant to the Special Voting Certificate of Designation, one share of the Company’s blank check preferred stock was designated as Special Voting Preferred Share. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement. The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation and is not convertible into shares of common stock of the Company. The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement and the Special Voting Preferred Share will be automatically cancelled.