ImplicationsGreat Panther Reprices Out-Of-The-Money Warrants and Options
4/9/2008 6:19:29 PM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Apr 9, 2008 (Marketwire via COMTEX News Network) --
GREAT PANTHER RESOURCES LIMITED (TSX:GPR) (the "Company"), subject to Toronto Stock Exchange approval, is amending the terms of 3,621,999 outstanding share purchase warrants ("WK Warrants") and 479,375 Broker Warrants by reducing the exercise price to $1.42. There is no change in the expiry date, which remains June 1, 2008. The amendment will become effective on April 23, 2008. Upon the amendment becoming effective, the current certificates representing the WK Warrants and the Broker Warrants will be deemed to have been amended to provide that the exercise price is $1.42.
On June 1, 2006, the Company issued 7,500,000 common shares, 3,749,998 WK Warrants and 479,375 Broker Warrants in connection with a $15,000,000 bought deal private placement underwritten by Jennings Capital Inc. The WK Warrants are currently exercisable at $2.65 until June 1, 2008. The Broker Warrants are currently exercisable at $2.00 until the same date. No WK Warrants are held by insiders of the Company. 127,999 WK Warrants were exercised on December 6, 2006 by three institutional investors.
June 1 is coming up. Can anyone tell me the implications? Thanks.
rznimrod