Business
Hemostemix Announces Warrant Repricing and Extension
Calgary, Alberta--(Newsfile Corp. - July 5, 2021) - Hemostemix Inc. (TSXV: HEM) (OTC: HMTXF) &...
About this update from Hemostemix Inc
[{"type":"text","content":"Hemostemix Announces Warrant Repricing and ExtensionCalgary, Alberta--(Newsfile Corp. - July 5, 2021) - Hemostemix Inc. (TSXV: HEM) (OTC: HMTXF) ‎‎(FSE: 2VFO) (\"Hemostemix\" or the \"Company\") is pleased to announce, subject to TSX Venture Exchange Approval, that it has extended for two years and repriced to $0.55 from $1, subject to the accelerator provisions stated below on all repriced warrants, 1,332,500 Warrants expiring July 9, 2021; extended 918,450 Warrants expiring November 24, 2021 of which 510,295 Warrants are repriced to $0.55 (408,155 Warrants held by insiders not repriced from $1); extended 6,360,585 Warrants expiring December 18, 2021, repricing 4,733,559 Warrants (1,627,026 Warrants held by insiders are not repriced from $1); extended 9,166,667 Warrants expiring December 31, 2021, repricing 8,513,334 Warrants (653,333 Warrants held by insiders not repriced from $1).Subject to the accelerator provisions, the exercise period of Warrants will be reduced to thirty (30) days, if, for any ten consecutive trading days during the unexpired term of the Warrants, the weighted average closing price of the Company's listed shares achieves or exceeds the price of 120% of the applicable exercise price ($0.66). The 30-day expiry period commences on the day the Company either (i) disseminates a press release, or (ii) sends a written notice to the holders of the Warrants advising of the commencement of the exercise period.The Warrants held by the Insiders are considered to be \"related parties\" of the Company. Therefore, the amendment of Warrants constitutes a \"related party transaction\" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSX-V Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants does not exceeds 25% of the market capitalization of the Company. A material change report in respect of this related party transaction will be filed by the Company.The Company is seeking a waiver from the TSX Venture Exchange policy, to extend and reprice the 6,457,500 Warrants that were set to expire May 7, 2021 on the same terms as above, as press released on May...