RE:Some people won't remember Now revert back to
warrant repricing press release:
"is pleased to announce that up to 4,107,850 common share purchase warrants (the “Warrants”) will be amended. Of the 4,107,850 Warrants, (i) 697,500 Warrants have currently an exercise price of $1.75 and expire on October 19, 2024, (ii) 2,380,350 Warrants currently have an exercise price of $1.25 and expire on March 7, 2025, and (iii) 1,030,000 Warrants currently have an exercise price of $1.25 and expire on July 21, 2025. Commencing on July 17, 2024, the exercise price of the Warrants held by holders wishing to participate in this repricing will be reduced to $0.75 per share. Those Warrants would also be amended to provide that if at any time before their expiry date, the closing price of the Common Shares on the Toronto Stock Exchange (“TSX”) is greater than $0.9375 (such amount being 125% of $0.75) over any 5 consecutive trading days, the Company will be entitled, within 15 days of the occurrence of such event, to accelerate the expiry date of the Warrants to the date that is 30 days following the date that notice of such acceleration is provided. Such notice shall be deemed to have been provided upon either the email notification of the holders of such Warrants or the issuance of a press release by the Company announcing the achievement of the acceleration event. All other terms of all the Warrants will remain unchanged. The implementation of the repricing and amendments remain subject to the finalization of the documentation with the applicable holders of Warrants."
Is the following a fact, an error or false?
None of the holders of Warrants that are to be amended are insiders of the Company.
4,107,850 warrants exerciseable at $1.75, $1.25 and $1.25 each having different expiry dates are now repriced at 75 cents. Mr. Pascali's Convertible Debenture warrants are exercisable at $1.25. Perhaps a verification of the issued warrant quantities and dates can be made. Any taker?
Good luck to All!
tamaracktop wrote: That particular issue of convertibles was actually amended twice.
The first time was at the time of issue, because it wasn't selling.
The second time was the amended terms of the warrants a couple of days ago.
The first ammendment didn't work very well.
As I recall, the investing public only subscribed to $1,020,000 of the issue, and he bought the rest.
$3,020,000 was the total, I believe.
He must be glad he bought it.
The amended terms just put $200,000 in his pocket.