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Edison Lithium Announces Intention to Amend Warrant Terms
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2023) - Edison Lithium Corp. (TSXV:...
About this update from Edison Lithium Corp.
[{"type":"text","content":"Edison Lithium Announces Intention to Amend Warrant TermsVancouver, British Columbia--(Newsfile Corp. - September 6, 2023) - Edison Lithium Corp. (TSXV: EDDY) (OTCQB: EDDYF) (FSE: VV00) (\"Edison\" or the \"Company\") announces that it intends to amend the exercise price of an aggregate of 4,048,000 common share purchase warrants (the \"Warrants\") issued pursuant to private placements that closed February 26, 2021, May 7, 2021, and May 28, 2021 (the \"Private Placements\"). Subsequent to the closing of the Private Placements, the Company completed a consolidation of its issued and outstanding securities on August 1, 2023, on the basis of eight (8) pre-consolidation securities for one (1) post-consolidation security (the \"Consolidation\"). Accordingly, the effect of the Consolidation on the price of the Warrants was an eight-fold increase. As such, the Warrants consist of (a) 1,212,500 common share purchase warrants with an exercise price of $0.96 expiring February 26, 2025; (b) 2,484,750 common share purchase warrants with an exercise price of $1.44 expiring May 7, 2025; (c) 250,750 common share purchase warrants with an exercise price of $1.92 expiring May 7, 2025; and (d) 100,000 common share purchase warrants with an exercise price of $1.44 expiring May 28, 2025. The Company will be applying to the TSX Venture Exchange (the \"Exchange\") to amend the exercise price of the Warrants to $0.20. The Warrants, as amended, will be subject to an accelerated expiry provision such that if for any ten consecutive trading days (the \"Premium Trading Days\") during the unexpired term of the Warrants, the closing price of the Company's shares on the Exchange exceeds $0.25, representing the amended Warrant exercise price of $0.20 plus 25%, the exercise period of the Warrants will be reduced to 30 days, starting seven days after the last Premium Trading Day (the \"Accelerated Expiry Provision\"). The Company will announce any such accelerated expiry date by news release. All other terms of the Warrants shall remain unchanged.The foregoing amended exercise price and the addition of the Accelerated Expiry Provision (together, the \"Warrant Amendments\") are subject to the approval of the holders of the Warrants and regulatory acceptance by the Exchange. Related Party TransactionCertain directors and officers of the Company hold an aggregate ...