The Company also announced that while POSCAN owns more than 10% of the Company's issued and outstanding common shares, the Company has appointed a director nominated by POSCAN; the Company will require approval from the nominee for certain corporate actions; and POSCAN will have a pre-emptive right to purchase a pro rata share of any new securities offered by the Company.
Following the closing POSCAN holds 19.87% of the issued and outstanding common shares of the Company.
Upon closing, the Company issued 10,522,090 common shares to POSCAN at the price of $0.136 per common share, resulting in gross proceeds to the Company of $1,431,004.
POSCAN and the CMG Parties hereby irrevocably attorn and submit to the jurisdiction of the courts of the Province of British Columbia, Canada.
Any controversy, claim, or dispute between POSCAN and the GMO Parties arising out of, relating to, or in connection with this Guarantee shall be exclusively and finally settled pursuant to and in accordance with Article XV of the LLC Agreement (as defined in the Contribution Agreement), mutatis mutandis.