Eguana Sees Largest Shareholder Convert Series A Shares To Common Ahead Of Schedule
Eguana Technologies (TSXV: EGT) appears to be cleaning up its share structure. The firm this morning indicated that it has seen a major investor convert its Series A preferred units into common shares of the company, in addition to exercising warrants held.
The company has seen DHCT II Luxembourg SARL, whom is the firms largest shareholder, convert its outstanding 434,860 Series A shares into 18.1 million common shares of the company. The shares were converted early, with Eguana paying the firm $500,000 and issuing 1.3 million common shares as a payment for the dividend owed.
Subsequently, that cash payment evidently has been offset by the exercising of certain warrants held by DHCT that were outstanding. In total, 4.0 million common share purchase warrants were exercised by the fund, resulting in gross proceeds to Eguana of $0.8 million.
Following the completion of the transactions, DHCT will own 91.7 million common shares of Eguana, which represents roughly a 23.3% stake in the company. The firm also owns the only Series 8 First Preferred Share of the company as well.
Eguana Technologies last traded at $0.435 on the TSX Venture.
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