Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
Our common shares are traded on the TSX under the symbol “PPTA” and on the Nasdaq under the symbol “PPTA”.
Holders of Record
As of March 10, 2023, there were 63,011,77 common shares outstanding and 36 shareholders of record.
Dividends
The Corporation has not paid any dividends or distributions on its common shares since its incorporation. Any decision to pay dividends on common shares in the future will be made by the board of directors of the Corporation (the “Board”) on the basis of the earnings, financial requirements and other conditions existing at such time.
Recent Sales of Unregistered Securities; Issuer’s Purchases of Equity Securities
None.
Use of Proceeds from Registered Securities
On August 16, 2021, we completed an underwritten public offering pursuant to a prospectus supplement to our short form base shelf prospectus dated April 1, 2021, filed pursuant to General Instruction II.L. of Form F-10, and declared effective by the SEC on April 2, 2021 (File No. 333-254517, the “Prospectus Supplement”). The Corporation issued 10,952,382 common shares, which included 1,428,572 common shares issued pursuant to the overallotment option granted to the underwriters, at a public offering price of $5.25 per common share for gross proceeds of approximately $57.5 million before deducting underwriting discounts and commissions and offering expenses. The net proceeds from the issuance were $54.3 million, after deduction of underwriting discounts and commissions and offering expenses of $3.2 million. B. Riley Securities, Inc. and Cantor Fitzgerald Canada Corporation acted as joint-bookrunning managers for the offering.
The Prospectus Supplement included a proposed use of proceeds that would be compared to expenditures from October 1, 2021 onwards. A reconciliation of the use of proceeds is provided below. As a result of the DPA funding announced in December 2022, which is available for limited uses related to environmental baseline data monitoring, environmental and technical studies and other activities related to advancing construction readiness and permitting, we reduced our planned use of the proceeds from the offering for permitting, environmental field operations and engineering and design work and reallocated those funds to general corporate purposes and restoration work pursuant to the ASAOC, as shown in the table below. Except as described, there has been no material change in the planned use of proceeds as described in our Prospectus Supplement.
Proposed Use of
Updated Use of
Actual Use of
Remaining to be
Expense Category (in Millions)
Proceeds
Proceeds
Proceeds
Spent/Difference
Permitting
$
21.0
$
11.0
$
10.4
$
0.6
General Corporate Purposes(i)
20.1
25.3
14.4
10.9
Early Restoration & Field Operations
7.9
17.0
6.0
11.0
Engineering & Design
5.3
1.0
0.9
0.1
$
54.3
$
54.3
$
31.7
$
22.6
(i) Funds for general corporate purposes may be allocated for corporate expenses, business development and legal expenses.
None of the offering proceeds were paid directly or indirectly to any of our directors or officers (or their associates) or persons owning 10.0% or more of any class of our equity securities, to any other affiliates or to others.
41
Table of Contents
Item 6. Reserved.
Not applicable.