Ann: Share Purchase Plan Offer Documents, page-65

The share purchase plan has really made for interesting reading on hot copper lately. For those who really believe in the company it's not that unity to acquire additional shares at the low market price where as for others it is an opportunity to play a little bit of arbitrage.

Looking at the 2020 annual report there 2,335 shareholders with less than 10,000 units which means they are entitled to buy up to virtually 10 times the value of their holding at the time.

Then you have 3,143 with 10.001 to 100,000, so most of these owned less than $30,000 of shares a couple
of months back, so they will either quadruple or double their holding if they get the full $30,000 worth. I struggle to have much empathy if you have that wonderful opportunity.

basically if you have more than 1 million units you might be slightly worse off even if you do get your full allocation of $30,000.