Canada Carbon Announces Warrant Extension
29 February 2020 - 8:30AM
Canada Carbon Inc. (the "
Company")
(TSX-V:
CCB announces that the Company will be extending the
exercise period of a total of 5,930,000 share purchase warrants,
all of which are exercisable at $0.30 per share (collectively, the
"
Warrants"). The Warrants were issued pursuant to
a private placement which closed over two tranches in April 2017.
The Company proposes to extend the expiry dates for all Warrants by
one (1) year, and accordingly, the new expiry dates for the
Warrants are as follows:
- Tranche 1: For Warrants issued on April 12th, 2017, the new
expiration date of those Warrants will be April 12,
2021.
- Tranche 2: For Warrants issued on April 26th, 2017, the new
expiration date for those Warrants will be April 26, 2021.
All other terms and conditions of the Warrants
remain unchanged. The Warrant extension is subject to acceptance by
the TSX Venture Exchange.
A portion of the Warrants are held by parties
who are considered to be "related parties" of the Company.
Therefore, the amendment of Warrants constitutes a "related party
transaction" as contemplated by Multilateral Instrument
61-101 Protection of Minority Shareholders in Special
Transactions, and TSXV Policy 5.9 - Protection of Minority
Shareholders in Special Transactions. However, the exemptions from
formal valuation and minority approval requirements provided for by
these guidelines can be relied upon as the fair market value of the
Warrants does not exceeds 25% of the market capitalization of the
Company. A material change report in respect of this related party
transaction will be filed by the Company.
CANADA CARBON INC. “R. Bruce Duncan”CEO and
Director
Contact InformationE-mail inquiries:
info@canadacarbon.comP: 905 813-8408
“Neither 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.”
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements, which relate
to future events or future performance and reflect management’s
current expectations and assumptions. Such forward-looking
statements reflect management’s current beliefs and are based on
assumptions made by and information currently available to the
Company. Investors are cautioned that these forward looking
statements are neither promises nor guarantees, and are subject to
risks and uncertainties that may cause future results to differ
materially from those expected. These forward-looking statements
are made as of the date hereof and, except as required under
applicable securities legislation, the Company does not assume any
obligation to update or revise them to reflect new events or
circumstances. All of the forward-looking statements made in this
press release are qualified by these cautionary statements and by
those made in our filings with SEDAR in Canada available at
www.sedar.com
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