The TSX Venture Exchange has consented to the reduction in the exercise of the following warrants.
Private placement
Number of warrants: 8.95 million (1,118,750 postconsolidation)
Original exercise price of warrants: 12 cents (preconsolidation) (96 cents (postconsolidation))
New exercise price of warrants: 20 cents
Expiry date of warrants: Feb. 26, 2025 (unchanged)
Forced exercise provision: If the closing price for the company's shares is 25 cents or greater for a period of 10 consecutive trading days, then the warrantholders will have 30 calendar days to exercise their warrants from the date of the company's news release announcing the accelerated expiry; otherwise the warrants will expire on the 31st calendar day.
These warrants were issued pursuant to a private placement of 10 million shares with 10 million share purchase warrants attached, which was accepted for filing by the exchange effective March 1, 2021.
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