Boron One Announces Update to Early Warrant Exercise Incentive Program
Rhea-AI Summary
Boron One Holdings (TSXV:BONE) has announced updates to its warrant exercise incentive program and warrant repricing initiative. The company will amend the exercise price of 11,576,000 unlisted common share purchase warrants from $0.12 to $0.06 per Warrant Share. During the Early Exercise Period (December 10-24, 2024), warrant holders who exercise their warrants will receive an additional Incentive Warrant, allowing them to purchase one Common Share at $0.06 for 2 years.
The program affects warrants issued during the company's private placement that closed in two tranches (September 27 and November 7, 2023). Insider participation is to 10% of total Eligible Warrants. The proceeds will be used for general and working capital purposes. The program requires TSX Venture Exchange approval.
Positive
- Reduced warrant exercise price from $0.12 to $0.06 may encourage warrant conversion and capital raising
- Additional incentive warrants offered to early exercisers provides extra value to participants
Negative
- Warrant repricing represents a 50% reduction in potential capital raised from original warrant exercises
- Dilutive effect of additional incentive warrants on existing shareholders
VICTORIA, BC / ACCESSWIRE / December 9, 2024 / Boron One Holdings Inc. ("Boron One" or the "Company") (TSXV:BONE) is providing an update to its press release dated November 22, 2024, announcing the warrant exercise incentive program (the "Program") intended to encourage the exercise of up to 11,576,000 unlisted common share purchase warrants of the Company (the "Eligible Warrants") and warrant repricing (the "Warrant Repricing"), whereby it will amend the current exercise price for such Eligible Warrants, subject to approval from the TSX Venture Exchange (the "TSXV").
The Company issued the Eligible Warrants in connection with its private placement of units ("Units") that closed on September 27, 2023 ("Tranche 1") and November 7, 2023 ("Tranche 2" and together with Tranche 1, the "Financing"). Pursuant to the Financing, each Unit was comprised of one (1) common share of the Company ("Common Share") and one (1) Eligible Warrant, entitling the holder thereof to acquire one (1) Common Share (each, a "Warrant Share") at a price of
The directors of the Company have determined it to be in the best interests of the Company to complete the Warrant Repricing, whereby it will amend the current exercise price of the Eligible Warrants from
Under the Program, the Company is offering an incentive to each holder of Eligible Warrants (each, a "Warrantholder") that exercises Eligible Warrants during the early exercise period (the "Early Exercise Period") consisting of an additional warrant (hereinafter, an "Incentive Warrant"). Each Incentive Warrant will entitle the holder thereof to purchase one (1) Common Share for a period of 2 years at a price of
The Early Exercise Period is expected to commence at 9:00 a.m. (Vancouver time) on December 10, 2024 and terminate at 5:00 p.m. (Vancouver time) on December 24, 2024. The Incentive Warrants and any Common Shares issuable on the exercise thereof will be subject to a four-month and one-day statutory hold period from the date of issuance of the Incentive Warrants pursuant to applicable Canadian securities laws and TSXV policies.
To the extent that Warrantholders take advantage of the Early Exercise Period, the Company intends to use the aggregate net proceeds to fund general and working capital purposes. Eligible Warrants that remain unexercised following the completion of the Early Exercise Period will continue to be exercisable for Common Shares on the original terms as they existed prior to the Program, with the Tranche 1 Eligible Warrants expiring on March 27, 2025, and the Tranche 2 Eligible Warrants expiring on May 7, 2025, both at 5:00 p.m. (Vancouver time).
The Program and the Warrant Repricing are subject to approval from the TSXV. Under the Program, the number of Eligible Warrants to be exercised by insiders of the Company is limited to no more than
About Boron One Holdings Inc.
Boron One Holdings Inc. is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Boron One's shares are traded on the Exchange under the symbol "BONE". For detailed information please see Boron One's website at www.boronone.com or the Company's filed documents at www.sedarplus.ca
For further information, please contact: | Boron's Public Quotations: |
Boron One Holdings Inc. | Canada |
Blake Fallis, General Manager | TSX Venture: BONE |
Phone: 1-250- 384-1999 or 1-888-289-3746 | Berlin: EKV |
US: SEC 12G3-2(B) #82-4432ERVFF | |
OTC PINK:ERVFF |
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information. Such forward-looking information is provided to inform the Company's shareholders and potential investors about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects", "intends", "plans", "may", "will", and similar expressions.
More particularly and without limitation, the forward‐looking information in this press release include (i) expectations regarding the Company's financing plans, closing times, receipt of regulatory and TSXV approvals; (ii) expectations regarding the Warrant Repricing, Program, and the timing and closings thereof; (iii) expectations regarding the use of proceeds of the Program; and (iv) expectations concerning the Company's business plans and operations. Forward-looking information is based on a number of factors and assumptions that have been used to develop such information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
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.
SOURCE: Boron One Holdings Inc.
View the original press release on accesswire.com
FAQ
What is the new exercise price for Boron One's warrants under the incentive program?
When does Boron One's warrant exercise incentive period end?
How many additional incentive warrants can insiders receive in Boron One's program?
