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VANCOUVER, BC, May 4, 2022 /CNW/ - EMP Metals Corp. (CSE: EMPS) (OTC: EMPPF) ("EMP Metals" or the "Company") announces that it has accelerated the expiry date of common share purchase warrants of the Company issued on August 4, 2021 (the "Warrants") in accordance with the terms of the Warrants. Approximately 11.1 million Warrants are currently outstanding and are subject to acceleration. If all Warrants are exercised, the Company will receive proceeds of approximately $2.56 million, which will be used to drill the Company's lithium brine properties located in Saskatchewan.
Under the terms of the Warrants, the Company is permitted to accelerate the expiry date if the average closing price of the Company's common shares on the TSX Venture Exchange for any 10 consecutive trading days is equal to or greater than $0.50 (the "Acceleration Event"). The Company is pleased to confirm that the Acceleration Event occurred as of May 3, 2022. Accordingly, the Company has chosen to accelerate the expiry date of the Warrants to May 18, 2022 and this news release constitutes notice to the Warrant holders of the acceleration under the terms of the Warrants. Holders may exercise the Warrants before 5:00 p.m. Pacific Daylight Time on May 18, 2022 (the "Expiry Time") by observing the process as set out in their Warrant certificates. All Warrants remaining unexercised after the Expiry Time will be cancelled.
This news release does not constitute an offer to sell, or solicitation of an offer to buy, nor will there be any sale of any of the securities offered in any jurisdiction where such offer, solicitation or sale would be unlawful, including the United States of America. The securities being offered as part of the exercise of warrants have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and any applicable state securities laws, or pursuant to available exemptions therefrom.
About EMP Metals
EMP Metals is a Canadian-based exploration company focused on the acquisition and exploration of mineral projects with significant development potential. Its current portfolio includes lithium exploration projects in Saskatchewan, Canada. For more information, please go to the Company's website at www.empmetals.com.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. EMP Metals cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond EMP Metals' control. Such factors include, among other things: risks and uncertainties relating to EMP Metals' limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on its mineral properties, obtaining the necessary permits to carry out its activities and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, EMP Metals undertakes no obligation to publicly update or revise forward-looking information.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE EMP Metals Corp.
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