Compass Intends to Extend Warrant Expiry Date
Compass Gold Corp. (TSXV: CVB) has announced plans to extend the expiry date of 7,298,668 common share purchase warrants from June 2, 2025, to December 31, 2025. The warrants, originally issued on June 3, 2022, as part of a private placement, maintain their exercise price of $0.30 per common share. CEO Larry Phillips attributed this extension to a two-year suspension of the Malian mining code, which has delayed planned activities. Of the total warrants, 1,233,334 are held by company insiders, constituting a related party transaction under MI 61-101. The company is utilizing exemptions from valuation and minority shareholder approval requirements, as the fair market value falls below 25% of market capitalization. The extension awaits final TSX Venture Exchange approval.
Compass Gold Corp. (TSXV: CVB) ha annunciato l'intenzione di prorogare la scadenza di 7.298.668 warrant per l'acquisto di azioni ordinarie dal 2 giugno 2025 al 31 dicembre 2025. I warrant, emessi originariamente il 3 giugno 2022 nell'ambito di un collocamento privato, mantengono il prezzo di esercizio di 0,30 $ per azione ordinaria. Il CEO Larry Phillips ha attribuito questa estensione alla sospensione biennale del codice minerario maliano, che ha causato ritardi nelle attività pianificate. Dei warrant totali, 1.233.334 sono detenuti da dirigenti della società, configurando una transazione con parti correlate ai sensi del MI 61-101. L'azienda sta sfruttando le esenzioni dai requisiti di valutazione e approvazione da parte degli azionisti di minoranza, poiché il valore equo di mercato è inferiore al 25% della capitalizzazione di mercato. L'estensione è in attesa dell'approvazione finale della TSX Venture Exchange.
Compass Gold Corp. (TSXV: CVB) ha anunciado planes para extender la fecha de vencimiento de 7,298,668 warrants para compra de acciones comunes del 2 de junio de 2025 al 31 de diciembre de 2025. Los warrants, emitidos originalmente el 3 de junio de 2022 como parte de una colocación privada, mantienen su precio de ejercicio de $0.30 por acción común. El CEO Larry Phillips atribuyó esta extensión a una suspensión de dos años del código minero de Malí, que ha retrasado las actividades planificadas. De los warrants totales, 1,233,334 están en manos de personas relacionadas con la empresa, constituyendo una transacción con partes vinculadas bajo el MI 61-101. La compañía está utilizando exenciones de los requisitos de valoración y aprobación de accionistas minoritarios, ya que el valor justo de mercado es inferior al 25% de la capitalización de mercado. La extensión está pendiente de la aprobación final de la TSX Venture Exchange.
Compass Gold Corp. (TSXV: CVB)는 7,298,668개의 보통주 매수 워런트의 만기일을 2025년 6월 2일에서 2025년 12월 31일로 연장할 계획을 발표했습니다. 이 워런트는 2022년 6월 3일 사모 발행의 일부로 처음 발행되었으며, 보통주 1주당 $0.30의 행사 가격을 유지합니다. CEO 래리 필립스는 이 연장이 계획된 활동이 지연된 말리 광산법 2년간 정지 때문이라고 설명했습니다. 전체 워런트 중 1,233,334개는 회사 내부자가 보유하고 있어 MI 61-101에 따른 관련 당사자 거래로 분류됩니다. 회사는 공정 시장 가치가 시가 총액의 25% 미만이므로 평가 및 소액 주주 승인 요건 면제를 활용하고 있습니다. 이 연장은 TSX 벤처 거래소의 최종 승인을 기다리고 있습니다.
Compass Gold Corp. (TSXV: CVB) a annoncé son intention de prolonger la date d'expiration de 7 298 668 bons de souscription d'actions ordinaires du 2 juin 2025 au 31 décembre 2025. Ces bons, initialement émis le 3 juin 2022 dans le cadre d'un placement privé, conservent leur prix d'exercice de 0,30 $ par action ordinaire. Le PDG Larry Phillips a expliqué cette prolongation par une suspension de deux ans du code minier malien, qui a retardé les activités prévues. Sur le total des bons, 1 233 334 sont détenus par des initiés de la société, constituant une opération avec une partie liée selon la MI 61-101. La société bénéficie d'exemptions concernant les exigences d'évaluation et d'approbation des actionnaires minoritaires, le juste prix du marché étant inférieur à 25 % de la capitalisation boursière. La prolongation est soumise à l'approbation finale de la TSX Venture Exchange.
Compass Gold Corp. (TSXV: CVB) hat Pläne angekündigt, das Ablaufdatum von 7.298.668 Warrants zum Kauf von Stammaktien vom 2. Juni 2025 auf den 31. Dezember 2025 zu verlängern. Die Warrants, die ursprünglich am 3. Juni 2022 im Rahmen einer Privatplatzierung ausgegeben wurden, behalten ihren Ausübungspreis von 0,30 $ pro Stammaktie bei. CEO Larry Phillips führte diese Verlängerung auf eine zweijährige Aussetzung des malischen Bergbaugesetzes zurück, die geplante Aktivitäten verzögert hat. Von den Gesamtwarrants werden 1.233.334 von Unternehmensinsidern gehalten, was eine Transaktion mit verbundenen Parteien gemäß MI 61-101 darstellt. Das Unternehmen nutzt Ausnahmen von Bewertungs- und Minderheitsaktionärszustimmungspflichten, da der faire Marktwert unter 25 % der Marktkapitalisierung liegt. Die Verlängerung steht noch unter dem Vorbehalt der endgültigen Genehmigung durch die TSX Venture Exchange.
- Extension provides warrant holders additional time to exercise their rights given external circumstances
- Company maintains the same exercise price of $0.30 per share
- Extension represents management's commitment to maintaining investor opportunities despite operational delays
- Two-year suspension of Malian mining code has caused significant delays in planned activities
- Related party transaction with 1,233,334 warrants held by insiders could raise governance concerns
- Extension subject to TSX Venture Exchange approval, creating uncertainty
Toronto, Ontario--(Newsfile Corp. - May 21, 2025) - Compass Gold Corp. (TSXV: CVB) ("Compass" or the "Company") announced today that it intends to extend the expiry date of an aggregate of 7,298,668 common share purchase warrants (the "Warrants") to December 31, 2025 (the "Warrant Extension"). All other terms of the Warrants, including the exercise price, will remain unchanged.
The Warrants were originally issued pursuant to a private placement of units, each unit comprised of one common share and one Warrant, that closed on June 3, 2022. Prior to the Warrant Extension, the Warrants were set to expire on June 2, 2025. Each Warrant entitles the holder to acquire one common share of the Company at an exercise price of
Compass CEO, Larry Phillips, said, "We are implementing this warrant extension after what has become a two-year suspension of the Malian mining code, which has caused a deferral of the majority of the activities that were planned over the course of the original warrant term."
An aggregate of 1,233,334 Warrants are held by insiders of the Company. The extension of the Warrants, therefore, constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101"). The Company is 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 Warrants subject to the Warrant Extension does not exceed
The Warrant Extension remains subject to final acceptance by the TSX Venture Exchange.
About Compass Gold Corp.
Compass, a public company having been incorporated into Ontario, is a Tier 2 issuer on the TSX-V. Through the 2017 acquisition of MGE and Malian subsidiaries, Compass holds gold exploration permits located in Mali that comprise the Sikasso Property. The exploration permits are located in three sites in southern Mali with a combined land holding of 1,173 sq. km. The Sikasso Property is located in the same region as several multi-million-ounce gold projects, including Morila, Syama, Kalana and Komana. The Company's Mali-based technical team, led in the field by Dr. Madani Diallo and under the supervision of Dr. Sandy Archibald, P.Geo, is conducting the current exploration program. They are examining numerous anomalies first noted in Dr. Archibald's August 2017 "National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali".
Forward‐Looking Information
This news release contains "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the Company's planned exploration work and management appointments. Readers are cautioned not to place undue reliance on forward‐looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward‐looking information except as required by applicable law.
For further information, please contact:
| Compass Gold Corporation | Compass Gold Corporation |
| Larry Phillips - Pres. & CEO | Greg Taylor - Dir. Investor Relations & Corporate Communications |
| lphillips@compassgoldcorp.com | gtaylor@compassgoldcorp.com |
| T: +1 416-596-0996 X 302 | T: +1 416-596-0996 X 301 |
Website: www.compassgoldcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252843
FAQ
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