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Murchison Minerals is Granted Conditional Approval by the TSXV for the Early Warrant Incentive Program and Confirms Insiders Participation
BURLINGTON, ON / ACCESSWIRE / March 23, 2022 / Murchison Minerals Ltd. ("Murchison" or the "C...
About this update from Murchison Minerals Ltd
[{"type":"text","content":"Murchison Minerals is Granted Conditional Approval by the TSXV for the Early Warrant Incentive Program and Confirms Insiders ParticipationBURLINGTON, ON / ACCESSWIRE / March 23, 2022 / Murchison Minerals Ltd. (\"Murchison\" or the \"Company\") (TSXV:MUR)(OTCQB:MURMF) is pleased to announce that, following the press release dated March 17, 2022, the TSXV has provided conditional approval of the Early Warrant Incentive Program (the \"Program\"). The terms and conditions of the Program and the method of exercising Warrants pursuant to the Program are set forth in a letter which has been posted on SEDAR and is available on the Company's website at: https://murchisonminerals.ca/corporate-filings-and-presentation/#financialsInsider Participation:Board of Director Member, and Murchison's largest shareholder, Mr. Donald K. Johnson O.C. holds 8,454,000 Warrants representing approximately 30% of the total outstanding and President and CEO Mr. Troy Boisjoli holds 852,550 Warrants. Both have now confirmed they will be participating in the Program and will be exercising all their respective Warrants that are due to expire this fall. The total gross proceeds from the exercising of these Warrants are CAD $1,116,786.The exercise of Warrants by Mr. Johnson and Mr. Boisjoli will constitute a \"related party transaction\" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). As insiders of the Company, they will acquire an aggregate of 9,306,550 common shares following the exercise of Warrants and acquire 4,653,275 new Warrants in the process. The Company will be relying on exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Program by insiders will not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company will file a material change report in respect of the related party transaction following the exercise of Warrants under the Program.As previously announced, the Program is designed to encourage the early exercise of up to 27,118,788 of its outstanding unlisted Warrants (the \"Warrants\") exercisable for common shares of the Company (\"Common Shares\"). The Warrants are cu...