In total, 153,694,962 common shares issued in the rights offering were distributed under basic subscription privileges
, of which 140,409,580 were distributed to insiders of the Company and 13,285,382 were distributed to non-insiders.
Holders who fully exercise their Rights under the Basic Subscription Privilege
will be entitled to subscribe for additional Common Shares (the "Additional Subscription Privilege
"), if available as a result of any unexercised Rights on the Expiry Date, subject to certain limitations set out in Pinetrees rights offering circular.
The Rights Offering does not include an "additional subscription privilege
" (as such term is defined in National Instrument 45-106 Prospectus Exemptions of the Canadian Securities Administrators).
Zorp Premium Subscription Privilege
and Support 3rd
Under the terms of the offering, rights holders had the ability to oversubscribe, which entitled each rights holder that exercises their basic subscription privilege
in full the right to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering.
Stockholders who have used their basic subscription privilege
to buy up to three units will be able to buy any remaining units that were bought by other stockholders under their basic subscription privilege
or by the standby purchaser, private investor Kenneth R Lehman.
A total of 14,035,706 common shares were issued under the basic subscription privilege
and a total of 10,715,725 common shares were issued under the additional subscription privilege
, resulting in the total number of issued and outstanding common shares of the Company currently being 123,757,157 common shares.
The offering also includes an over-subscription privilege, which allows each rights holder that exercises all of its basic subscription privilege
in full the right to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among persons exercising this over-subscription right.
Pursuant to the basic subscription privilege
, approximately 138.8 million common shares were subscribed for by rightholders, including approximately 77 million by Ainsworth s largest shareholder, Brookfield Asset Management Inc.