Mr. Ray Paquette reports
INTERNATIONAL ZEOLITE ANNOUNCES AMENDMENT TO WARRANTS
International Zeolite Corp. has filed an application with the TSX Venture Exchange to amend the terms of certain share purchase warrants of the company originally issued
on Oct. 22, 2021, and Dec. 13, 2021, pursuant to a private placement announced on
Oct. 1, 2021.
The company is seeking the approval of the TSX-V to amend the expiry dates
of each warrant to Oct. 22, 2024, and Dec. 13, 2024, respectively. The exercise price
of 24 cents per warrant will remain unchanged.
Currently, insiders of the company hold approximately 30 per cent of the warrants issued pursuant to
the October, 2021, private placement.
Certain of the warrants are held by parties who are considered related parties of the company.
Therefore, the amendment of the warrants constitutes a related party transaction as
contemplated by Multilateral Instrument 61-101, Protection of Minority Shareholders in Special
Transactions, and TSX-V Policy 5.9, Protection of Minority Shareholders in
Special Transactions. However, since the amendment applies to all the warrants equally on a per-warrant basis and no related party will receive a collateral benefit in connection with the
amendment, the restrictions imposed under MI 61-101 and TSX-V Policy 5.9 do not apply to the amendment.
We seek Safe Harbor.
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