Re: From Nitinat prospectus
in response to
by
posted on
May 01, 2009 07:46AM
The company is exploring for nickel deposits on its Langmuir property near Timmins, Ontario; for nickel-gold-copper on its Cleaver and Douglas properties; and for molybdenum and rare earth elements at recently acquired Desrosiers property.
The 13,367,904 Common Shares (the “
Inspiration Escrowed Shares”) to be held by Inspiration upon the exercise
of the Inspiration Special Warrants will be subject to a voluntary escrow agreement (the “
Inspiration Escrow
Agreement Inspiration will be restricted from disposing of the Inspiration Escrowed Shares for a twelve (12) month period. During the term of the Inspiration Escrow Agreement, Inspiration will be entitled to exercise all voting rights attached to the Inspiration Escrowed Shares. The Inspiration Escrow Agreement will provide for the release of all Inspiration Escrowed Shares at the end of the twelve (12) month period, at which time the Inspiration Escrowed Shares will have no transfer restrictions attached to them and will be free trading, subject to any resale restrictions imposed by the Venture Exchange and the securities regulatory authorities of Ontario, Alberta and British Columbia, as discussed below. During the term of the Inspiration Escrow Agreement, Inspiration will be entitled to dividend-out the Inspiration Escrowed Shares to its shareholders, as set out under the section entitled "Principal Holders of Securities" of this prospectus, at which point the Inspiration Escrow Agreement will be terminated, provided that the Corporation (i) provides at least seven (7) days prior written notice to the Venture Exchange of the proposed dividend and (ii) provides to the Venture Exchange confirmation that any principals of the Corporation who receive Inspiration Escrowed Shares upon the dividend will deposit such shares with the Escrow Agent to be held in escrow pursuant to the Escrow Agreement. In the event that the Inspiration Escrowed Shares have not been dividended-out by Inspiration at the end of the twelve (12) month period (at the termination of the Inspiration Escrow Agreement), the Common Shares then held by Inspiration will be deposited with the Escrow Agent to be held in escrow pursuant to the same terms and conditions as the Escrow Agreement. Upon the aforementioned deposit of such Common Shares with the Escrow Agent, Inspiration will have the benefit of an immediate release from escrow of that number of Common Shares held by Inspiration that would have been released from escrow if Inspiration had been subject to the Escrow Agreement from the effective date of the Escrow Agreement.