iFabric Announces Extension of Period to Exercise Warrants

About this update from Ifabric Corp.

[{"type":"text","content":"iFabric Announces Extension of Period to Exercise WarrantsMarkham, Ontario--(Newsfile Corp. - March 7, 2024) - IFABRIC CORP. (TSX: IFA) (OTCQX: IFABF) (\"iFabric\" or the \"Company\") is pleased to announce that it has received conditional approval from the Toronto Stock Exchange (the \"TSX\") to extend the exercise period of a total of 2,943,717 outstanding common share purchase warrants (the \"Warrants\"), all of which are held by arm's length parties, for a period of one year from their current expiry date - to March 23, 2025.The Warrants were issued pursuant to a private placement of the Company that closed in February, 2021 and represent approximately 8.85% of the Company's issued and outstanding common shares (assuming all Warrants are exercised). The amendment will become effective on March 23, 2024.The date of the private placement closing, the original issue price of the subscription receipts that were converted into units (with each unit comprised of one common share and one common share purchase warrant), the total number of Warrants, the exercise price of the Warrants, the current expiry date of the Warrants and the extended expiry date of the Warrants are as follows:Date of Private PlacementIssue Price of Subscription Receipts under Private PlacementNumber of Warrants ExtendedWarrant Exercise PriceCurrent ExpiryDate of WarrantsExtendedExpiry Date ofWarrantsFebruary 22, 2021$3.902,943,717$4.60March 23, 2024March 23, 2025 The decision to extend the term of these Warrants was undertaken by the iFabric Board of Directors, which concluded that additional capital could be put to effective use and that improving the prospect of the exercise of the Warrants could help provide such additional capital without the share price discounts or transactional costs associated with new private placements or public offerings of equity. While the price of iFabric shares is currently below the exercise price of the Warrants, their exercise over the coming 12 months may be achievable if certain corporate goals are realized within that timeline.ABOUT IFABRIC CORP.Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and, currently has 30.3 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intel...

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