Business
Voyageur Mineral Explorers Corp.: Results of Early Warrant Exercise Program
TORONTO, April 08, 2021 (GLOBE NEWSWIRE) -- Voyageur Mineral Explorers Corp. ("Voyageur" or the "Company") (CSE: VOY) is pleased to announce the results of its
About this update from Evolve Royalties Ltd.
[{"type":"text","content":" TORONTO, April 08, 2021 (GLOBE NEWSWIRE) -- Voyageur Mineral Explorers Corp. (\"Voyageur\" or the \"Company\") (CSE: VOY) is pleased to announce the results of its previously announced early exercise warrant incentive program (the “Program”). Under the Program, each outstanding warrant of the Company (“Warrant”) that was exercised received one-half of one new common share purchase warrant (each whole warrant, “Incentive Warrant”). Each Incentive Warrant entitles the holder thereof to purchase one common share for a period of two years from the date of issuance of the Incentive Warrant at an exercise price of $0.50. Under the Program, the Company received aggregate gross proceeds of $974,826 upon the exercise of 2,773,365 Warrants and issued 1,386,682 Incentive Warrants. The Incentive Warrants are subject to a four-month and a day hold period from the date of the Incentive Warrant issuance pursuant to applicable Canadian securities laws. Following the statutory four-month hold period, the Incentive Warrants will be subject to an accelerated expiry provision if the Company’s daily weighted average share price is greater than $0.75 for 15 consecutive trading days. No fractional Incentive Warrants were issued under the Program. As of the date hereof, the Company now has 30,043,397 common shares issued and outstanding and an aggregate of 4,349,515 Warrants (including Incentive Warrants) outstanding with exercise prices ranging from $0.35 to $0.50. Any Warrants not exercised under the Program remain outstanding and continue to be exercisable on the same terms applicable to such Warrants as they existed prior to the Program. Insiders of the Company participated in the Program and exercised an aggregate 1,550,000 Warrants for gross proceeds of $542,500. A total of 775,000 Incentive Warrants were issued to such insiders under the Program. This transaction constituted a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions (\"MI 61-101\"). The Company relied on the exemptions from the formal valuation requirements of MI 61-101 contained in section 5.5(a) and (b) of MI 61-101 on the basis that the fair market value of the transaction with insiders was not more than Twenty-Five Percent (25%) of the market capitalization of Voyageur and no securities ...