don't remember last time a co. i was invested in, had their warrants excersized.
Inca One Announces Proceeds of $1.8 Million From Warrant Exercise
VANCOUVER, BC – July 16, 2020 – INCA ONE GOLD CORP. (TSXV:IO) (OTC:INCAF) (FSE:SU92) (“Inca One” or the “Company”) a gold producer operating two fully permitted, mineral processing facilities in Peru, is pleased to announce that it has received approximately $1.8 million from the exercise of approximately 4.5 million common share purchase warrants. The Company intends to use the proceeds of the warrant exercise for purchases of gold-bearing material and for general working capital purposes.
The warrants were originally issued in connection to a public offering of units completed by Inca One in January 2018 (see Press Release) and subsequently repriced by the Company in March 2020 (see Press Release). The repriced warrants featured an acceleration clause forcing the exercise of the warrants within a period of 30 days after the Company’s shares closed above $0.50 per common share for 10 consecutive trading days. This clause was triggered on June 11, 2020, and the exercise price of the warrants was $0.40 per common share. As of the accelerated expiry date of July 11, 2020, 98% of the warrants were exercised.
“I am extremely pleased to report a successful warrant exercise for the Company,” commented Edward Kelly, President and CEO of Inca One Gold. “The additional proceeds will be used to ramp up production at Chala One and Kori One.”