Technically the vote is on the 30M subscription receipts. Upon shareholder approval, each subscription receipt will be converted into 15M common shares and 15M $1.45 warrants. When the PP closed, 15M common shares and 15M $1.45 warrants were approved. So, upon approval, that will equal dilution of 60M shares, not including finder's options.
Yes, we suspect PTQ will attempt to get the SP to $2+ and keep it there for no less than 30 days. Once they do that, they have the option of calling the $1.45 warrants. If they do, warrants holders will have not less than 30 days to exercise their warrants. There's nothing that says that PTQ has to issue the call, nor do the warrant holders have to exercise in less than 30 days. PTQ has the option to do so and the warrant holders will have not less than 30 days to exercise if the call is made ... so it could be 45 days, 60 days, 4500 days ... I dunno, just not less than 30 days.
I can't think of a reason not to do it. If the warrant holders are powerful people, maybe they don't want to exercise their warrant all at once and it's in PTQ's best interest not to force their hand. Otherwise, the cash would come in handy. It's almost too much cash, but I'm sure there's no such thing.
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