Diamcor Mining says it intends to reprice about 2,9 million of its outstanding warrants expiring on June 20 and 1,8 million of the company’s outstanding warrants expiring on August 29.
It said in a statement the warrants were issued under a private placement financing by the company completed in two tranches on June 20 and August 29, respectively, each with an original exercise price of $0.60.
The company intends to amend these warrants to have an exercise price of $0.30 per warrant and to be extended for up to a year from the current applicable expiry date.
As the amended exercise price is below the market price for the originating private placement, the warrants are also being amended to include an accelerated expiry clause such that the exercise period of the warrants will be reduced to 30 days if for any 10 consecutive trading days during the unexpired term of the warrant, the closing price of the company’s shares is no less than $0.375.
The repricing of the Warrants and extension of the expiry date of the warrants is subject to TSX Venture Exchange approval and all applicable securities laws.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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