hmmmmm this is interesting
Sulliden Announces Accelerated Expiry of Warrants for Possible Proceeds of Over $22 Million
Thursday, December 16, 2010
TORONTO, ONTARIO--(Marketwire - Dec. 16, 2010) - Sulliden Gold Corporation Ltd. ("Sulliden", the "Company") (TSX:SUE) (OTCQX:SDDDF) advises that it will be issuing notice of accelerated expiry to the holders of approximately 22,175,299 share purchase warrants of the Company (the "Warrants") which were issued pursuant to public offerings completed in October 2009 and April 2010. Each Warrant is exercisable to purchase one common share of the Company at a price of $1.00 per common share until October 6, 2012.
Pursuant to the terms of a warrant indenture governing the Warrants, the expiry of the Warrants may be accelerated at any time prior to the expiry of the Warrants if the daily volume weighted average trading price of the Common Shares on the Toronto Stock Exchange (the "TSX") was in excess of $1.50 for the twentieth consecutive trading day, at which time the Company may give notice to the Warrant holders that the Warrants will expire on the 30th day following receipt of the notice.
Effective at market close on Wednesday, December 15, 2010, the daily volume weighted average trading price of the Common Shares on the TSX was in excess of $1.50 for the twentieth consecutive trading day. A Notice of Acceleration dated December 15, 2010 will be mailed to Warrant holders to advise that the expiry date of the Warrants is being accelerated to 4 p.m. (Toronto time) on January 17, 2011 (the "Early Expiry Time"). Any Warrants remaining unexercised after the expiration of the Early Expiry Time will be cancelled and will thereafter be of no force or effect.
Assuming all the Warrants are exercised, the Company will receive proceeds of approximately $22 million which will result in the Company's cash position exceeding $50 million.
This additional capital will be used in part towards a significant 2011 exploration program outlined in a press release dated December 7, 2010, during which Sulliden plans, based on its exploration success, to nearly double the total meters drilled on the property since its discovery in 1992. The Company will also use the funds to complete all the necessary engineering and permitting studies required to develop the Shahuindo Gold Project.