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Agrinam Acquisition Corp
Symbol AGRI
Shares Issued 13,800,001
Close 2022-11-28 U$ 9.75
Recent Sedar Documents

Agrinam adds cashless exercise feature to warrants

2022-11-30 18:37 ET - News Release

Mr. Agustin Aldave reports

AGRINAM ACQUISITION CORPORATION ANNOUNCES AMENDMENT TO WARRANT INDENTURE

Agrinam Acquisition Corp. has amended the terms of the warrant agency agreement dated June 15, 2022, between the corporation and TSX Trust Company by way of a supplemental warrant indenture to include a cashless exercise feature. There are currently 22.51 million warrants issued under the warrant indenture, which currently trade on the Toronto Stock Exchange under the symbol AGRI.WT.U. The corporation believes the cashless exercise feature may reduce the number of common shares issued upon exercise of the warrants following the completion of a qualifying acquisition by the corporation.

Under the previous terms of the Warrant Indenture, each Warrant entitled the holder thereof, upon payment of the exercise price of U.S.$11.50 (the "Exercise Price"), subject to adjustment, to acquire one Class A restricted voting share of the Corporation (a "Class A Share"). As the Warrants become exercisable commencing on the date that is 65 days following the date of a Qualifying Acquisition, the Class A Shares will, under their current terms, have been automatically converted into common shares in the capital of the Corporation expected to be issued and outstanding immediately following a Qualifying Acquisition (the "Common Shares"). Accordingly, at such time, each Warrant would be exercisable for one Common Share at the Exercise Price, subject to adjustment, upon the terms of the Warrant Indenture.

Pursuant to the Supplemental Indenture, Agrinam may elect, by providing notice at or prior to a Qualifying Acquisition, to allow Warrants to be exercised on a cashless basis. Upon the exercise of any Warrants on a cashless basis, the holder would receive the number of Common Shares determined using the following formula: Number of Common Shares to be issued (rounded down to nearest whole number, must be a positive number) = Number of Warrants exercised X (Market Price of Common Shares on the exercise date - Exercise Price) divided by Market Price of Common Shares on the Exercise Date.

For the purpose of the above formula, "Market Price" means the volume weighted average trading price on the TSX for the five trading days immediately preceding the date the Warrants are exercised.

This press release shall serve as notice to all holders of Warrants of the amendments made by the Supplemental Indenture. The foregoing description of the Supplemental Indenture is qualified by reference to the full text of the Supplemental Indenture, which will be filed on the SEDAR page of the Corporation.

About Agrinam Acquisition Corporation

Agrinam Acquisition Corporation is a newly organized special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting a qualifying acquisition.

We seek Safe Harbor.

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