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Electric Metals (USA) Limited Announces Acceleration of Expiry Date of Outstanding Warrants Issued Pursuant to January 2023 Financing
Toronto, Ontario--(Newsfile Corp. - July 24, 2023) - Electric Metals (USA) Limited (TSXV: EML) (...
About this update from Electric Metals Usa Limited
[{"type":"text","content":"Electric Metals (USA) Limited Announces Acceleration of Expiry Date of Outstanding Warrants Issued Pursuant to January 2023 FinancingToronto, Ontario--(Newsfile Corp. - July 24, 2023) - Electric Metals (USA) Limited (TSXV: EML) (OTCQB: NVDSF) (\"EML\" or the \"Company\") is pleased to announce that it has elected to accelerate the expiry date of the common share purchase warrants issued on January 5, 2023 (the \"Warrants\") pursuant to the warrant indenture between the Company and TSX Trust Company (the \"Warrant Agent\") and dated January 5, 2023 (the \"Warrant Indenture\"), a copy of which is available under EML's profile on www.sedarplus.ca. The Warrants were issued in connection with a brokered private placement financing (the \"Financing\") of 21,212,000 common shares of EML (the \"Common Shares\") and 21,212,000 Warrants which closed on January 5, 2023. Please see the news release of the Company dated January 5, 2023 for further information.Pursuant to the Warrant Indenture, if the closing price of the Common Shares on the TSX Venture Exchange for any twenty (20) consecutive trading days is equal to or greater than $0.30 per Common Share (the \"Acceleration Right\"), the Company is entitled to accelerate the expiry date of the Warrants to the date which is thirty (30) days following the date notice of such acceleration (the \"Acceleration Notice\") is provided to holders of the Warrants. During the period from June 22, 2023 to July 21, 2023, inclusive, the Common Shares of the Company closed equal to or above $0.30 per Common Share on each of the twenty-one (21) consecutive trading days in that period. The Warrant Indenture provides that at the Company's discretion, it may provide the Acceleration Notice by way of press release. This press release therefore constitutes the Acceleration Notice required under the Warrant Indenture and indicates the election of the Company to accelerate the expiry date of the Warrants to August 24, 2023 (the \"Accelerated Expiry Date\").Any Warrants that have not been exercised by 5:00 p.m. (Toronto time) on the Accelerated Expiry Date will automatically be cancelled and of no further force or effect.Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.25. If all Warrants issued in the Financing are exercised, gross proceeds to the Company will to...