May be the reason for the ammended warrants to raise cashJust for survival
During the six month period ended October 31, 2015, the Company raised gross proceeds of $324,057 under a warrant amendment program (the “Program”) whereby the expiry date of 6,481,155 common share purchase warrants was extended to December 31, 2017 and the exercise price reduced to $0.05 from $0.25 per share for a period of 12 months or $0.10 per share thereafter until expiry of the term. The amended warrants are subject to an accelerated expiry clause during the unexpired term: • if the closing price of the Company’s shares is $0.12 or greater for a period of 10 consecutive trading days during the first 12 months or • from the 13th month through to the December 31, 2017 expiry date, the closing price of the Company’s shares is $0.18 or greater for a period of 10 consecutive trading days. A total of 1,562,310 warrants were not eligible for amendment pursuant to TSX-V policies. A further 13,666,511 warrants, the holders of which did not elect to amend the warrant terms, continued to be exercisable in accordance with the original terms. During the period, 11,033,984 warrants expired unexercised and an additional 2,145,882 expired subsequently (Note 14(b)). During the year ended April 30, 2015, the Company amended an additional 4,711,640 share purchase warrants by extending the expiry date to December 31, 2014 and reducing the price to $0.15 if exercised on or before the original expiry date of July 12, 2014 and at a price of $0.25 thereafter until the end of the revised term.