RE:Warrants There is actually a HUGE incentive to participate in the Warrant Incentive Program if you want to hang onto your warrants for another year instead of them expiring in September and October.
If current holders of warrants expiring on September 9, 2022 and October 2, 2022 do NOT take advantage of the Warrant Incentive Program, their warrants will expire within the next 5-6 weeks.
If current holders of warrants expiring on September 9, 2022 and October 2, 2022 DO take advantage of the Warrant Incentive Program, they will receive new $0.05 warrants which will expire on September 9, 2023.
It would appear that the recent selling (dumping) might have been done in anticipation of this Warrant Incentive Program.
For those who missed the finer details of the Warrant Incentive Program...
Each Eligible Warrant is currently exercisable for one common share of the Company (each a "Common Share") at a price of $0.05 per Common Share. The September 24, 2020 warrants expire on September 24, 2022 and the October 2, 2020 warrants expire on October 2, 2022, at 5:00 p.m. (Vancouver time).
To the extent that holders of Eligible Warrants take advantage of the opportunity to exercise their Eligible Warrants early, this will fund working capital purposes. Eligible Warrants that remain unexercised following the completion of the Early Exercise Period (defined below) will continue to be exercisable for Common Shares on the original terms as they existed prior to the Program.
Summary Information about Warrant Incentive Program
Pursuant to the Program, the Company is offering an inducement to each holder of Eligible Warrants ("Warrant Holders") that exercises Eligible Warrants during an early exercise period (the "Early Exercise Period") consisting of one additional common share purchase warrant (an "Incentive Warrant"). Each Incentive Warrant entitles the Warrant Holder to purchase one additional Common Share until 5:00 p.m. (Vancouver time) on September 9, 2023 at a price of $0.05 per Common Share.
The Early Exercise Period will commence on August 26, 2022 at 9:00 a.m. (Vancouver time) and will expire on September 9, 2022 at 5:00 p.m. (Vancouver time) (the "Early Exercise Expiry Date"). The Incentive Warrants and any Common Shares issuable on the exercise thereof will be subject to a four-month hold period from the date of issuance of the Incentive Warrants pursuant to applicable Canadian securities laws.