Warrants should accelerate With the price of gold going up and awesome drill result for RUP would think warrants will accelerate. IMO
Rupert closes $13.08-million private placement
2020-02-11 13:20 ET - News Release
Mr. James Withall reports
RUPERT RESOURCES ANNOUNCES CLOSING OF $13.1M STRATEGIC INVESTMENT FROM AGNICO EAGLE MINES LIMITED
Rupert Resources Ltd. has closed its non-brokered private placement with Agnico Eagle Mines Ltd., which was previously announced by the company on Feb. 10, 2020. As a result, Agnico now holds 9.9 per cent of the issued and outstanding common shares of Rupert, on a non-diluted basis, and warrants to acquire an additional 11,543,704 common shares, representing an aggregate of 16.1 per cent of the issued and outstanding common shares on a partially diluted basis.
Agnico has acquired 15,391,605 units of the company at a subscription price of 85 cents per unit for gross proceeds to Rupert of $13,082,864. Each unit comprises: (i) one common share; and (ii) 0.75 of a non-transferrable common share purchase warrant, which will entitle Agnico to purchase, for a period of three years from the date of issue, one common share for each whole warrant at an exercise price of $1 per common share. The warrants provide that, beginning two years from the date of issue, if the price of the common shares on the TSX Venture Exchange exceeds $1.25 per common share for at least 20 consecutive trading days, Rupert shall have the right to accelerate, by notice to Agnico, the expiry date of the warrants to 30 calendar days after the date of such notice (such that Agnico may either exercise all or a portion of the warrants in such 30-day period (any unexercised warrants will expire)). Concurrently with the strategic investment, Agnico and Rupert have entered into an investor rights agreement.