HMM Star Navigation Systems Group Ltd. is extending the term of 46,708,000 common share purchase warrants that were issued pursuant to a private placement announced on Sept. 6, 2018. The 2018 warrants, originally due to expire on Sept. 5, 2019, will now expire on Sept. 5, 2021.
The company has also applied to the Canadian Securities Exchange to reprice the warrants. Each warrant will now entitle the holder thereof to purchase one common share of Star at an exercise price of 6.5 cents.
Why does SNA even bother issuing warrants with two year terms? Every one has been eventually extended.
Cheers