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Avidian Gold Amends Terms of Warrants Issued in Connection With February 26 Private Placement
TORONTO, April 12, 2019 (GLOBE NEWSWIRE) -- Avidian Gold Corp. (“Avidian” or the “Company”) (TSX-V:AVG) announces an amendment to the terms of common share purc
About this update from Avidian Gold Corp.
[{"type":"text","content":" TORONTO, April 12, 2019 (GLOBE NEWSWIRE) -- Avidian Gold Corp. (“Avidian” or the “Company”) (TSX-V:AVG) announces an amendment to the terms of common share purchase warrants issued in connection the previously announced private placement of convertible debenture units of the Company on February 26, 2019 (the “February Private Placement”). The February Private Placement consisted of the sale of 708 debenture units of the Company (“Units”). It was previously announced that, each Unit shall consist of a C$1,000 principal amount three (3) year unsecured interest-bearing convertible debenture (a “Debenture”) and five thousand (5,000) common share purchase warrants of the Company (each a “Warrant”) with each Warrant entitling the holder thereof to acquire one common share of the Company (a “Common Share”) at a price of C$0.76 per Common Share for a period of 36 months, subject to the Company’s option (the “Acceleration Option”) to accelerate the term of the Warrants in the event that the trading price of Common Shares on the TSX Venture Exchange (the “TSXV”) equals or exceeds C$1.00 for twenty consecutive trading days by providing a 30 days’ notice to Warrant holders. In order to better reflect current market conditions and to align the terms of the Warrants with the applicable policies of the TSXV, the Company, in consultation with the TSXV, decided to amend the composition of the Units so that each Unit consists of one Debenture and two thousand five hundred (2,500) amended Warrants, with each amended Warrant exercisable into Common Shares at an exercise price of C$0.40 for 36 months, subject to the Acceleration Option. The terms of the Debentures are not amended. The amendment to the Warrants and composition of the Units, as described above (the “Amendment”), has received the consent of the subscribers for the Units and is approved by the TSXV. Early Warning Report As result of the Amendment, the holdings of securities by David Anderson, who immediately prior to the February Private Placement had beneficial ownership and control over 5,577,251 Common Shares (or approximately 9.76% of the issued and outstanding Common Shares on a partially diluted basis) have changed. Pursuant to the terms of the Amendment and in connection with the February Private Placement, Mr. Anderson has acquired beneficial ownership and control over 1,...