6 Dec 2010farm in farm out agreement● NeutralMajor
The company said it intends to raise up to $80 million of convertible preferred shares (8% annual cash dividend, convertible into common at $0.10 per share, with warrants at $0.25) to fund buying all shares of RNC (Hemco) Limited under a November 30, 2010 option agreement with N.C.G.A. Project Acquisition Corp. It would be obliged to seek a Toronto Stock Exchange listing. This is a proposed financing only, and the conversion terms could heavily dilute common holders if completed. The address has moved to Vancouver.