Critical Outcome Technologies Inc. Announces Warrant Term Amendment
28 May 2014 - 6:48AM
Marketwired
Critical Outcome Technologies Inc. Announces Warrant Term Amendment
LONDON, ONTARIO--(Marketwired - May 27, 2014) - Critical Outcome
Technologies Inc. (COTI) (TSX-VENTURE:COT) announced today that it
is extending the expiry date of 12,500,000 common share purchase
warrants (Warrants) issued as part of three tranches of a
non-brokered private placement on March 25, April 7, and April 21,
2011 respectively. Each Warrant entitled its holder to purchase one
Common Share of the Company at an exercise price of $0.30 per share
for a period of 18 months from the date of issue.
"This amendment acknowledges the long term support of our
investors from the original private placement related to these
warrants," said Dr. Wayne Danter, President and Chief Executive
Officer. "This amendment also recognizes the potential future
financing source represented by these warrants that can be retained
at a relatively low cost by the Company."
Effective September 6, 2012, the Company amended the terms of
the Warrants to extend the original expiry date of the Warrants to
5:00 p.m. on October 31, 2013. Subsequently, effective October 29,
2013, the Company further amended the terms of the Warrants to
extend the expiry date of the Warrants to 5:00 p.m. (Toronto time)
on May 31, 2014 (the Expiry Date).
The Expiry Date is now being amended to extend it to 5:00 p.m.
(Toronto time) on March 15, 2016, (the New Expiry Date), provided
that the New Expiry Date of the Warrants will be accelerated to 21
days if, for any ten consecutive trading days, the closing price of
the Common Shares equals or exceeds $0.60. All other previously
amended and unamended terms and conditions of the Warrants remain
unchanged.
The Company will deliver a Notice of Amendment reflecting the
amended expiry date to the registered holders of the Warrants.
About Critical Outcome
Technologies Inc. (COTI)
COTI is a leading-edge bioinformatics company specializing in
accelerating the discovery and development of small molecules -
dramatically reducing the time and cost to bring new drugs to
market. COTI'S proprietary artificial intelligence system,
CHEMSASĀ®, utilizes a series of predictive computer models to
identify compounds with a high probability of being successfully
developed from disease specific drug discovery through chemical
optimization and preclinical testing. These compounds are targeted
for a variety of diseases, particularly those for which current
treatments are either lacking or ineffective.
Follow @CriticalOutcome on Twitter at
http://twitter.com/CriticalOutcome
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.
Critical Outcome Technologies Inc.Dr. Wayne DanterPresident
& CEO519-858-5157wdanter@criticaloutcome.comHeisler
CommunicationsTrevor HeislerInvestor
Relations416-500-8061trevor@heislercommunications.comwww.criticaloutcome.com
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