Casa Minerals Inc. Announces Warrant Extension
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Vancouver, British Columbia--(Newsfile Corp. - February 9, 2024) - Casa Minerals Inc. (TSXV: CASA) (OTC Pink: CASXF) (FSE: 0CM) (the "Company" or "Casa"), is pleased to announce its intentions to update an aggregate of 21,014,200 common share purchase warrants ("Warrants"). The Warrants were issued to its May 20, 2021 private placement, in two tranches of 16,400,000 and 3,600,000 Warrants, as well as its July 05, 2021 private placement, in one tranche of 1,014,200 Warrants. The Company intends to extend the expiry date from February 20, 2024 to a new expiry date of February 20, 2025 for all Warrants.
The Warrants were granted a previous repricing by the TSX.V on July 28, 2023 and have an exercise price of $0.10. Management believes that extending the expiry date should encourage their exercise to help finance work programs planned for this field season at the Company's projects.
As an additional incentive, Casa is proposing bonus warrants ("Bonus Warrants") to all warrant holders who exercise their Warrants. The Bonus Warrants will have an exercise price of $0.10 and expire 12 months from the date of issuance. The Bonus Warrants shall be subject to an acceleration clause. If the volume-weighted average closing price of the Shares on the TSX Venture Exchange (the "Exchange") is greater than $0.17 for 5 consecutive trading days, then the Company may, at its sole option, elect to provide notice (the "Acceleration Notice") to the Bonus Warrant holders, which Acceleration Notice may be provided by news release, that the Bonus Warrants will expire at 4:00pm (Vancouver time) on the date that is 30 days from the date of the Acceleration Notice (the "Accelerated Notice Expiry Date"). In such instance, all Bonus Warrants that are not exercised prior to the Accelerated Expiry Date will expire on the Accelerated Expiry Date.
The Warrants are subject to an acceleration clause. If the closing price of the Shares on the TSX Venture Exchange (the "Exchange") is greater than $0.45 for 10 consecutive trading days, then the Company may, at its sole option, elect to provide notice (the "Acceleration Notice") to the holders of the Warrants, which Acceleration Notice may be provided by news release, that the Warrants will expire at 4:00 p.m. (Vancouver time) on the date that is 30 days from the date of the Acceleration Notice (the "Accelerated Expiry Date"). In such instance, all Warrants that are not exercised prior to the Accelerated Expiry Date will expire on the Accelerated Expiry Date.