Canadian merger, page-15

Is it that the co1 share price is linked to the takeover calculation of 14.5 and the relative price paid will be 11.5 or will that fluctuate as per the underlying share price?? Assuming the difference between 14.5 and 11.5 is the exchange rate but not sure>> if anyone in the know could let me know how this bit works would be much appreciated. had a good look at the merger docs and researched a bit about cobalt in Canada sounds like an amazing project.