RE:James Surbey exercised 809,933 warrants at $3.00From the Management Information Circular:
Performance Warrants
Performance Warrants were originally granted on January 18, 2005 at the founding of the Corporation as a longterm incentive to the members of the Corporation’s management team at the time and were not exercisable unless the trading price of the Common Shares exceeded $6.00 for a period of 20 consecutive trading days. This condition was satisfied and all of the Performance Warrants have been exercisable since November 2005. On May 23, 2019, the Shareholders of the Corporation approved an amendment to the Performance Warrants to extend the expiry date from January 31, 2020 to January 31, 2025. At March 28, 2022, the Corporation had 2,939,732 Performance Warrants outstanding, representing approximately 1% of the issued and outstanding Common Shares.
Each Performance Warrant entitles the holder thereof to purchase one Common Share of the Corporation at an exercise price of $3.00 per Common Share, which was the price at which the Corporation originally raised its initial $60 million of equity financing. The Performance Warrants are held by Messrs. Tonken, Geremia and Bosman, each of whom is a Named Executive Officer, and by Mr. Surbey, who retired as Vice President, Corporate Development of the Corporation effective June 30, 2017 and is now a director of the Corporation. Mr. Geremia holds 50% of his Performance Warrants in trust for the benefit of his former spouse.