Business
Casa Minerals Inc. Reprices Warrants, Extends Expiry Date, and Proposes Exercise Incentive Program
Vancouver, British Columbia--(Newsfile Corp. - May 10, 2023) - Casa Minerals Inc. (TSXV: CASA) (O...
About this update from Casa Minerals, Inc.
[{"type":"text","content":"Casa Minerals Inc. Reprices Warrants, Extends Expiry Date, and Proposes Exercise Incentive ProgramVancouver, British Columbia--(Newsfile Corp. - May 10, 2023) - Casa Minerals Inc. (TSXV: CASA) (OTC Pink: CASXF) (FSE: 0CM) (the \"Company\" or \"Casa\") is pleased to announce its intentions to update an aggregate of 21,014,200 common share purchase warrants (\"Warrants\") issued to its May 20, 2021 private placement. The Company's intentions are to extend the expiry date, reprice the Warrants and intends to issue incentive Warrants for exercised Warrants. The Warrants have an exercise price of $0.30 and expiry dates of May 20, 2023 (16,400,000 Warrants), June 24, 2023 (3,600,000 Warrants) and July 08, 2023 (1,014,200 Warrants). Management believes that extending the expiry date for 3 (three) months and repricing the Warrants should encourage their exercise to help finance work programs planned for this field season at the Company's projects. The new expiry dates of the Warrants are as follows:May 20, 2023 will expire on August 18, 2023, June 24, 2023 will expire on September 20, 2023 July 08, 2023 will expire on October 06, 2023.The Warrants will be deemed to be amended to adjust their exercise price to $0.10 per share (the \"Amended Warrants\"). The amendment of the Warrants is subject to approval of the TSX Venture Exchange.The Company also announces that once it obtains Warrant Amendment approval, it will institute a warrant exercise incentive program (the \"Incentive Program\") designed to encourage the exercise of the 21,014,200 Amended Warrants. Under the Incentive Program, the Company will offer an inducement to each Warrant holder that exercises its Amended Warrants by the above stated expiry dates, by the issuance of one additional Common Share purchase warrant (an \"Incentive Warrant\") for each Warrant exercised. Each Incentive Warrant will entitle the holder to purchase one additional Common Share of the Company at a price of $0.15 for a period of two (2) years from the date of the Warrant Amendment Approval and will be subject to a four month and one day hold period from their date of issuance.The Incentive Program will commence upon receipt of Warrant Amendment Approval.About Casa Minerals Inc.The Company is engaged in the acquisition, exploration and development of mineral properties located in Canada and the USA. C...