First Nordic Announces New Warrant Incentive Program
The Warrants have a current exercise price of
In addition, the Company is pleased to announce a warrant exercise incentive program (the "Incentive Program"), pursuant to which the Company will offer holders of all the above-noted outstanding Warrants the opportunity to exercise each of their outstanding Warrants between
Any outstanding Warrants remaining unexercised after
Holders of Warrants who elect to participate in the Incentive Program will be required to deliver the following to the Company on or prior to
- a duly completed and executed exercise form, in the form which accompanies the certificate representing the outstanding Warrants;
- the original certificate representing the outstanding Warrants being exercised; and
- the applicable aggregate exercise price (based on the amended exercise price of
$0.36 ) payable to the Company by way of certified cheque, money order, bank draft, or wire transfer in lawful money ofCanada .
The proceeds from the early exercise of the outstanding Warrants will be used to advance the Company's projects in
The Common Shares issued on exercise of the outstanding Warrants will not be subject to any hold period. The Incentive Warrants and any Common Shares issuable upon the exercise of the Incentive Warrants will be subject to a hold period expiring four months after the date of distribution of the Incentive Warrants.
The repricing of the Warrants and the Incentive Program are both subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSXV.
Certain insiders of the Company are expected to participate in the Incentive Program and, as a result, the Incentive Program may constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101"). The Company expects to rely on the exemptions from the formal valuation requirements of MI 61-101 contained in section 5.5(a) and (b) of MI 61-101 on the basis that the fair market value of the transaction with insiders will not be more than 25% of the market capitalization of the Company and no securities of the Company are listed on a specified market set out in such section, and the Company further relies on the exemption from the minority shareholder approval requirements of MI 61-101 contained in Section 5.7(1)(a) of MI 61-101 on the basis of the fair market value of the transaction with insiders will not be more than 25% of the market capitalization of the Company.
ABOUT FIRST NORDIC METALS
First Nordic's flagship is the Barsele gold project, located in
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO, Director
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Neither the
Cautionary Note Regarding Forward-Looking Statements:
This release contains "forward
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looking information" or "forward-looking statements" within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to receipt of TSXV acceptance of the proposed repricing of the Warrants, receipt of TSXV acceptance of the proposed Incentive Program and participation by any holder of Warrants in the Incentive Program. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions. Such factors include, among other things: risks and uncertainties relating to exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of gold and other commodities, operating hazards and risks inherent in the resource industry, competition and other risks and uncertainties, including those described in the Company's financial statements and/or management discussion and analysis available on www.sedarplus.ca The Company does not undertake to update forward
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looking statements or forward-looking information, except as required by law.
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