In addition to the right to appoint two members of the BioProspect Board, Solagran will receive 22.5 million shares and 22.5m options ($0.05, 2010) in BioProspect, together with a further 22.5 million shares and 22.5m options ($0.05,2010) upon BioProspect completing its funding obligations and proceeding to full commercialisation. BioProspect will retain exclusive rights to those existing Bioeffectives that have application in the animal health, animal nutrition and agriculture markets – subject to realisation of certain revenue targets by December 2010. If exclusivity is maintained, Solagran will receive a further $2.5 million worth of BioProspect shares together with free attaching options at a three month Volume Weighted Average Price (VWAP) as at 31 December 2007. BioProspect will acquire 2.5 million unlisted options in Solagran, and exercise these options on or before 31 August 2007, injecting $500,000 into Solagran.
SLA Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held