SIMPLY SOLVENTLESS ANNOUNCES EXERCISE OF 98% OF ALL AUGUST 2026 WARRANTS FOR PROCEEDS OF $2.95 MILLION AND 30 DAY EXTENTION OF EXPIRY FOR ADMINISTRATIVE PURPOSES
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CALGARY, AB, Oct. 28, 2024 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC") is pleased to announce that further to its press releases dated September 26, 2024 and October 18, 2024, it expects approximately 98% of the August 2026 $0.20 warrants to be exercised for proceeds of approximately $2,950,000. SSC also announces that for administrative purposes and varying financial institution purposes it has extended the expiry of the August 2026 warrants to November 29, 2024.
As of the date of this news release, a total of 10,087,034 of the 14,844,910 August 2026 warrants have been exercised for proceeds of $2,017,407 and a total of 3,986,077 warrants are in the process of being exercised for proceeds of $797,215, with completion of the remaining exercises expected in the very near future.
In total, 14,844,910 August 2026 warrants are expected to be exercised for proceeds of $2,968,982 (the "Total Warrant Exercises"). Of the Total Warrant Exercises, insiders account for approximately 4.0 million warrants and proceeds of approximately $800,000.
Jeff Hall, SSC's Chief Financial Officer, stated: "We have received a very positive response from warrant holders, and we expect 98% of the August 2026 warrants to ultimately be exercised. We want to ensure that warrant exercises in process do not expire due to administrative delays, and for that reason we have extended the expiry of the warrants to November 30, 2024. We are grateful for the support of our shareholders, and we aim to create value for them through continued profitable organic revenue growth and opportunistic acquisitions."