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Kore Mining accelerates Warrant Expiry Date Forecasting C$12.5 Million Cash On Hand
Kore Mining accelerates Warrant Expiry Date Forecasting C$12.5 Million Cash On Hand ...
About this update from Kore Mining Ltd.
[{"type":"text","content":"\n\n\n\nKore Mining accelerates Warrant Expiry Date Forecasting C$12.5 Million Cash On Hand\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVancouver, BC, July 13, 2020\n\n\n\nVancouver, BC, July 13, 2020 /CNW/ - KORE Mining Ltd. (TSXV: KORE) | (OTCQB: KOREF) (\"KORE\" or the \"Company\") announces that the Company has elected to exercise its right under the warrant indenture (the \"Warrant Indenture\") governing the common share purchase warrants of KORE issued on October 30, 2018 (the \"Warrants\") to accelerate the expiry date of the Warrants.  Approximately 1.4 million Warrants are currently outstanding and are subject to the acceleration.\nKORE forecasts it will have pro forma cash on hand of C$12.5 million assuming full exercise of the remaining 1.4 million Warrants, and the expected net proceeds from the closing of the recent Eric Sprott C$7.5 million financing announced June 29, 2020.\nScott Trebilcock, KORE CEO commented, \"KORE is pleased with recent share price performance but has a long way to go to see peer valuation for our District scale gold assets.  The recent financing with Eric Sprott enables KORE to drill aggressively and take bold steps across our portfolio.  I am happy to see founding shareholders rewarded for their investment by exercising their Warrants and we look forward to generating similar returns to our current generation of shareholders.\"\nUnder the terms of the Warrant Indenture, the Company is permitted to accelerate the expiry date if the trading price of the Company's common shares listed on the TSX-V is at or above C$1.00 for ten consecutive trading days (the \"Acceleration Event\"). KORE is pleased to confirm that an Acceleration Event occurred as of July 13, 2020. Accordingly, the Company has chosen to accelerate the expiry date of the Warrants to August 12, 2020. Holders may exercise the Warrants before 4:00 p.m. EST on August 12, 2020 by observing the process as set out in the applicable Warrant Indenture.  \nPlease contact your broker, the Warrant agent under the War...