Mr. Andrew Schutte reports REPLICEL APPLIES TO EXTEND WARRANT AND STOCK OPTION EXPIRY DATES AND ANNOUNCES GRANT OF STOCK OPTIONS
RepliCel Life Sciences Inc. has applied to the TSX Venture Exchange to extend the term of an aggregate of 6,319,059 share purchase warrants. The term of 2,109,234 of the warrants is set to expire on May 4, 2025, and the term of 4,209,825 of the warrants is set to expire on Dec. 30, 2025. The company proposes to extend the expiry date for a period of two years to May 4, 2027, for 2,109,234 of the warrants and to Dec. 30, 2027, for 4,209,825 of the warrants. In all other respects the terms of the warrants will remain unchanged and in full force and effect.
The company has also applied to the exchange to extend the expiry date of 960,000 stock options granted on July 30, 2018, which are each exercisable into one common share of the company at the exercise price of 43 cents per common share until the expiry date of July 30, 2023. The company proposes to extend the expiry date of the granted options for a period of two years to July 30, 2025. In all other respects the terms of the granted options will remain unchanged and in full force and effect.
The company is also pleased to announce that it has granted an aggregate of 1.35 million stock options to certain directors, officers, employees and consultants for the purchase of up to 1.35 million common shares of the company pursuant to its 10-per-cent rolling stock option plan. Each option is exercisable for a period of five years at a price of 15 cents per common share and vest upon the date of grant.
The extension of the warrants and granted options are to parties who are considered to be related parties of the company within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions and each extension is considered to be a related party transaction within the meaning of MI 61-101 but each extension will be exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101 in that the fair market value offered for each extension of the warrant or granted option, as applicable, does not exceed 25 per cent of the company's market capitalization.