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Voyageur Mineral Explorers Extends Expiry Date of Warrants
TORONTO, March 08, 2023 (GLOBE NEWSWIRE) -- Voyageur Mineral Explorers Corp. (“Voyageur” or the “Company”) (CSE: VOY) announces that it will extend the expiry d
About this update from Evolve Royalties Ltd.
[{"type":"text","content":" TORONTO, March 08, 2023 (GLOBE NEWSWIRE) -- Voyageur Mineral Explorers Corp. (“Voyageur” or the “Company”) (CSE: VOY) announces that it will extend the expiry date by two years of a total of 1,386,682 common share purchase warrants (collectively, the “Warrants”) which were issued pursuant to a warrant incentive program of the Company which closed on March 17, 2021 and April 8, 2021, respectively. The terms of the Warrants are as follows: Issue Date Number of Warrants Exercise Price Original Expiry Date New Expiry Date March 17, 2021 10,000 $0.50 per share March 23, 2023 March 21, 2025 April 8, 2021 1,376,682 $0.50 per share April 10, 2023 April 10, 2025 The Warrants are subject to an accelerated expiry provision where, if the Company’s daily weighted average share price is greater than $0.75 for 15 consecutive trading days, the Company may, by notice to the Warrantholders, reduce the expiry date to not less than 30 days from the date of such notice. 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 t...