Expire $0.40 warrants... Why did they let the warrants expire? Is it not worth to own more shares of AVK at $0.40 (maybe because they own quite a lot already)? .
. Avnel Gold warrants held by Elliott to expire May 7
2017-05-05 16:21 MT - News Release
An anonymous director of Elliott Management reports
EARLY WARNING REPORT REGARDING EXPIRATION OF COMMON SHARE PURCHASE WARRANTS OF AVNEL GOLD MINING LIMITED PREVIOUSLY HELD BY CERTAIN AFFILIATES OF ELLIOTT MANAGEMENT CORPORATION
This report relates to common share purchase warrants of Avnel Gold Mining Ltd.
The requirement to file this report is triggered by the expiration on May 7, 2017, of 8,928,572 warrants previously held by Elliott Associates LP, The Liverpool Limited Partnership, Manchester Securities Corp. and Elliott International LP (collectively, the acquiror), in accordance with their terms. Prior to the expiration, each whole warrant was exercisable into one ordinary share in the capital of the issuer at an exercise price of 40 cents per share. The common shares trade on the facilities of the Toronto Stock Exchange under the trading symbol AVK.
On May 7, 2015, the acquiror purchased an aggregate of 17,857,144 units pursuant to a bought deal financing arrangement. The units were offered by way of a short-form prospectus in all of the provinces of Canada, other than the province of Quebec. Each unit consisted of one common share and one-half of one warrant. Each whole warrant was exercisable into one common share at an exercise price of 40 cents per share until May 7, 2017. All 8,928,572 warrants acquired by the acquiror pursuant to the bought deal expire on May 7, 2017, in accordance with their terms.
Immediately following the expiration, the acquiror will own an aggregate of 238,839,089 common shares, representing approximately 63.35 per cent of the outstanding common shares of the issuer, based on there being 376,993,300 common shares issued and outstanding as at the date hereof.
Paul E. Singer is a general partner of Elliott Associates. Hambledon Inc., which is controlled by Mr. Singer, is the general partner of Elliott International. Liverpool is a subsidiary of Elliott Associates. Manchester is a subsidiary of Elliott Associates.
As a result of the expiration, the acquiror ceases to have beneficial ownership of, or control or direction over, the warrants and the common shares issuable on exercise of the warrants.
Upon expiration, the acquiror will have control and direction over 238,839,089 common shares and no warrants.