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Voyageur Mineral Explorers Corp. Extends Expiry Date of Warrants
TORONTO, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Voyageur Mineral Explorers Corp. (“Voyageur” or the “Company”) (CSE:YOY) announces that it will extend the expiry da
About this update from Evolve Royalties Ltd.
[{"type":"text","content":" TORONTO, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Voyageur Mineral Explorers Corp. (“Voyageur” or the “Company”) (CSE:YOY) announces that it will extend the expiry date by one year of a total of 3,584,500 common share purchase warrants (collectively, the “Warrants”) which were issued pursuant to certain private placements of the Company which closed on December 31, 2018, October 8, 2019 and October 18, 2019, respectively. The terms of the Warrants are as follows: Issue Date Number of Warrants Exercise Price Original Expiry Date New Expiry Date Dec 31, 2018 84,500 $0.35 per share Dec 31, 2020 Dec 31, 2021 Oct 8, 2019 1,675,000 $0.35 per share Oct 7, 2020 Oct 7, 2021 Oct 18, 2019 1,825,000 $0.35 per share Oct 17, 2020 Oct 17, 2021 All other terms of the Warrants remain the same. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), the extension of the term of the Warrants held by insiders constitute a “related party transaction”. The transaction is exempt from the formal valuation and minority shareholder approval requirements in Sections 5.4 and 5.6 of MI 61-101, respectively, pursuant to the exemptions in Subsection 5.5(a) and Paragraph 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeds 25% of the Company’s market capitalization. The transaction is also exempt from the formal valuation requirement in Subsection 5.4 of MI 61-101 pursuant to the exemption in Subsection 5.5(b) of MI 61-101. This release is being filed less than 21 days before the effective date of the amendments to the Warrants. This shorter period is reasonable and necessary in the circumstances as the Company wishes to carry out the amendments as expeditiously as possible given current market conditions. Furthermore, the CSE policy requires that amendments to warrant terms must be completed sufficiently in advance of their expiry date, and the Company is concerned that delay may preclude the holders of the Warrants expiring in October from enjoying the benefit of the Warrant extension alongside the other Warrantholders. About Voyageur Mineral Explorers Corp. Voyageur is a Canadian junior mineral exploration company with a specific focu...