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Hemlo Explorers Announces Extension of Share Purchase Warrants Term
TORONTO, May 12, 2023 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) announces that it will extend the term of an aggregate of 3,932,038
About this update from Rocky Shore Gold Limited
[{"type":"text","content":" TORONTO, May 12, 2023 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) announces that it will extend the term of an aggregate of 3,932,038 share purchase warrants (the “Warrants”) by an additional eighteen months from May 25, 2023 to November 25, 2024, subject to accelerated expiry terms if the Company’s common shares trade at or above $0.80 per share for 20 consecutive days in which case the Company will have the right to accelerate the exercise period to a date ending at least 30 days from the date that notice of such acceleration is provided to the holders of the Warrants. The Warrants are exercisable at a price of $0.40. The Warrants were previously issued in connection with a non-brokered private placement completed by the Corporation, and not in compensation for any services provided to the Corporation. Completion of the extension remains subject to the approval of the TSX Venture Exchange and will not take effect until such time as approval has been received. A director of the Corporation has ownership and control of 37,500 of the Warrants currently scheduled to expire on May 25, 2023. This director recused himself from all discussions, deliberations and approvals concerning the extension of the Warrants. Further, Northfield Capital Corporation, together with its joint actor, Mr. Robert Cudney, insiders of the Company, own and control an aggregate of 1,150,000 Warrants. As a result of these insiders’ ownership of the Warrants, that portion of the extension is considered to be a related-party transaction as defined under Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9. The related-party portion of the extension is, however, exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 and Policy 5.9, as the fair market value of the Warrants held by the director do not exceed twenty-five percent of the Corporation’s market capitalization at the relevant time. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless register...