The TSX Venture Exchange has accepted the company's warrant incentive program designed to encourage the exercise of 9,618,322 existing warrants of the company. Each warrant entitled the holder to acquire one common share at a price five cents per common share for a two-year period from the date of issuance.
Pursuant to the warrant incentive program, each of the holders of warrants who exercised warrants during an early exercise period received one additional warrant entitling such holder to acquire one common share of the company at a price of five cents per share until Sept. 9, 2023.
The early exercise period commenced on Aug. 26, 2022, and expired on Sept. 9, 2022.
In connection with the warrant incentive program, a total of 7,499,570 warrants were exercised, providing gross proceeds of $374,978.50 to the company and resulting in the company issuing 7,499,570 common shares and 7,499,570 incentive warrants as follows.
Number of shares issued upon exercise of existing warrants: 7,499,570 common shares
Purchase price (exercise price of the existing warrants): five cents per common share
Incentive warrants: 7,499,570 common share purchase warrants to purchase 7,499,570 common shares
Incentive warrant exercise price: at a price of five cents per common share until Sept. 9, 2023
Number of placees: 19 placees
Total existing insider involvement: 250,000
All warrants that were not exercised under the warrant incentive program continued to entitle the holder to acquire one common share at the exercise price of five cents per common share for a two-year period from the date of issuance in accordance with their terms.
For further details, please refer to the company's news releases dated Aug. 26, 2022, and Sept. 13, 2022.
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