The TSX Venture Exchange has consented to the extension in the expiry date and reduction in the exercise price of the following warrants.
Number of warrants: 1,332,500
Expiry date of warrants: one year from the date of issuance
New expiry date of warrants: three years from the date of issuance
Original exercise price of warrants: $1
New exercise price of warrants: 55 cents
Forced exercise provision: If the weighted average closing price of the company's shares is 66 cents or greater for a period of 10 consecutive trading days, then the warrantholders will have 30 days to exercise their warrants commencing on the day when the company either: (i) disseminates a news release; or (ii) sends a written notice to the holders announcing the reduced warrant terms.
These warrants were issued prior to the company's share consolidation pursuant to a private placement of 26.65 million shares with 26.65 million share purchase warrants attached, which was accepted for filing by the exchange effective July 9, 2020.
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