11:03:33 EDT Sat 26 Sep 2020
Enter Symbol
or Name
USA
CA



DynaCERT Inc
Symbol DYA
Shares Issued 334,728,260
Close 2019-12-09 C$ 0.52
Recent Sedar Documents

DynaCERT receives $2.42-million from warrant exercise

2019-12-09 19:13 ET - News Release

Mr. Murray Payne reports

DYNACERT REPORTS ON EXERCISED WARRANTS AND OUTSTANDING WARRANTS

DynaCERT Inc. has had 6,938,677 warrants (approximately 96.5 per cent) exercised for gross proceeds of approximately $2,428,537 to the company, pursuant to the company's news release dated Nov. 9, 2019, and its notices to the holders of outstanding share purchase warrants that were repriced in accordance with TSX Venture Exchange approvals in February, 2019 (see the company's news release dated Feb. 4, 2019), of which an aggregate of 7,186,770 warrants remained outstanding as at Nov. 9, 2019.

The repriced warrants all had an exercise price of 35 cents and an expiry date of Dec. 1, 2020, subject to acceleration if the closing price of the company's common shares on the TSX Venture Exchange is above 50 cents for 10 consecutive trading days, which condition had occurred.

In accordance with TSX Venture Exchange requirements, the repriced warrants held by non-insiders (a total of 6,676,772 warrants) were accelerated to Dec. 9, 2019, while the repriced warrants held by insiders (a total of 261,905 warrants) were accelerated to Nov. 18, 2019. All insiders of the company exercised their repriced warrants before 5 p.m. Toronto time, Nov. 18, 2019.

As of 5:01 p.m. Toronto time on Dec. 9, 2019, there were an aggregate of 36,014,269 warrants remaining outstanding and not yet exercised, and zero repriced warrants outstanding as any such repriced warrants that were not exercised expired at 5 p.m. Toronto time on Dec. 9, 2019. In order to reconcile such number of non-repriced warrants with the disclosure in the company's management discussion and analysis as of Nov. 29, 2019, the company has considered the exercise of some warrants exercised voluntarily by holders of non-repriced warrants from that date to 5:01 p.m. Toronto time on Dec. 9, 2019. The company now has 334,728,260 shares outstanding, as of 5:01 p.m. on Dec. 9, 2019.

Of the non-repriced warrants, 20,647,920 warrants have an exercise price of 35 cents and an expiry date of Dec. 1, 2020, subject to a 30-day acceleration clause. The acceleration clause of these non-repriced warrants provides that in the event that the closing trading price of the company's common shares on the TSX-V is greater than 50 cents for 10 consecutive trading days, the company may, at any time thereafter and at its option, provide notice to such holders of the non-repriced warrants of the acceleration of the expiry time of such warrants to the date that is 30 days after the deemed delivery of such notice.

While the condition to the provision of a 30-day notice of acceleration of the expiry date of these 20,647,920 non-repriced warrants has been satisfied, the company has not delivered any such notice and has not made any decision to do so, but retains the right to do so at its discretion at a future date.

In addition, 16,349 broker warrants have an exercise price of $1 and expire on Dec. 1, 2020.

Fourteen million of the non-repriced warrants have an exercise price of 65 cents and an expiry date of Nov. 28, 2021, subject to a 30-day acceleration clause, and 1.35 million of the non-repriced warrants have an exercise price of 65 cents and an expiry date of Nov. 13, 2021, subject to a 30-day acceleration clause. The acceleration clause of such 15.35 million non-repriced warrants provides that in the event that the closing trading price of the company's common shares on the TSX-V is greater than 80 cents for 10 consecutive trading days, the company may, at any time thereafter and at its option, provide notice to the holders of the non-repriced warrants of the acceleration of the expiry time of such warrants to the date that is 30 days after the deemed delivery of such notice. The condition allowing the company to give notice of acceleration of such expiry date of such 15.35 million non-repriced warrants has not occurred.

The company granted today 3.65 million options to its directors, officers and consultants, each option being exercisable into one common share at an exercise price of 52 cents, exercisable for a period of five years.

About DynaCERT Inc.

DynaCERT manufactures and distributes carbon emission reduction technology for use with internal combustion engines.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.