Business
Graphano Alerts Investors on Warrants and Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - August 21, 2023) - Graphano Energy Ltd. (TSXV: G...
About this update from Graphano Energy Ltd.
[{"type":"text","content":"Graphano Alerts Investors on Warrants and Provides Corporate UpdateVancouver, British Columbia--(Newsfile Corp. - August 21, 2023) - Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) (the \"Company\" or \"Graphano\") is pleased to provide a corporate update on warrants and project development.Confirmation of Date Extension of Warrants and Exercise Price of WarrantsExercise PriceThe Company wishes to remind the holders of those common share purchase warrants issued August 27, 2021 (the \"Warrants\" and each, a \"Warrant\"), pursuant to the conversion of the subscription receipts issued December 22, 2020, and April 19, 2021, respectively (the \"Subscription Receipts\"), that the exercise price per Warrant into a common share in the capital of the Company (a \"Share\") is $0.52. As background, each Subscription receipt automatically converted on August 27, 2021, into the underlying securities of (a) one Share, and (b) one common share purchase warrant exercisable until August 27, 2023, at $0.08 into an additional Share. As disclosed in the Company's news release of September 2, 2021, a consolidation of the Company's then outstanding share capital was completed just prior to the listing of the Company's common shares on the TSX Venture Exchange on the basis of 1 post-consolidation common share for every 6.5 pre-consolidation common shares. All of the outstanding securities of the Company at such time were adjusted accordingly resulting in the exercise price of each Warrant into a Share being adjusted from the pre-consolidation exercise price of $0.08 to a post-consolidation exercise price of $0.52. The initial listing price was also amended from $0.05 to $0.325.Expiration Date ExtensionThe holders of these Warrants are further reminded that, as previously announced in the Company's news release dated April 5, 2023, the expiration date of the Warrants was extended by 24 months from August 27, 2023, to now expire on August 27, 2025. All other terms of the Warrants, including the post-consolidation exercise price, remained the same. Therefore, each Warrant entitles the holder thereof to acquire one Share at a price of $0.52 until August 27, 2025.Investors are alerted that the market price of the Shares is significantly depressed relative to the initial trading price. Shares are currently trading below cash per Share in the Co...