Potential maximum revenue loss of $550,000
VANCOUVER, British Columbia - TNR Gold Corp. (the "Company") - (TSX.V - TNR) announces that the Company proposes to amend an aggregate of 2,500,000 warrants held by an arms' length party to reduce the exercise price from
.40 per share to
.18 per share, exercisable until December 17, 2011, subject to TSX Venture Exchange (the "Exchange") acceptance. In accordance with Exchange policy, the exercise period of the re-priced warrants will be reduced to 30 days if, for any ten consecutive trading days during the unexpired term of the warrants the closing price of the Company's listed shares exceeds
.225.
Reason for the above......simply put......company needs money to function. I agree, it is not great to see reprice at all!!
Result of repricing = potential maximum revenue loss of $550,000.