Previously, High Power Ventures was the registered holder of 5,895,000 Kincora shares, representing 11.65% of Kincora’s current issued and outstanding shares. High Power Ventures was also the registered holder of 2,947,500 common share purchase warrants.
On March 10, Ventures distributed, for no consideration, 1,210,975 Kincora shares to one of Ventures’ largest shareholders.
Following the initial distribution, Ventures’ ownership of Kincora common shares has decreased by 2.39% of Kincora’s outstanding securities. Ivanhoe Industries, through Ventures as the registered holder, and additional shares it owns through an affiliate, is now the beneficial owner of 4,870,856 Kincora common shares, representing 9.62% of the outstanding Kincora common shares.
Assuming the exercise of the warrants in full, Ivanhoe Industries would be deemed to beneficially own approximately 14.60% of Kincora’s then outstanding common shares.
Ventures intends to continue distributing the Kincora shares it holds to its shareholders until it no longer owns any Kincora common shares.
Story by ProactiveInvestors