Terranueva Corporation (CSE : TEQ) (the
“
Corporation” or “
Terranueva”)
announces its intention to amend the term and exercise price of the
2,310,000 Series A warrants issued as part of a private placement
which closed on December 14, 2018 (the
“
Warrants”). Under the current terms, each Warrant
can be exercised until 5:00 p.m. on June 14, 2020 at an exercise
price of $0.65.
The Corporation intends to extend the expiry of
these Warrants to 5 p.m. on June 14, 2022, or for two additional
years, and modify the exercise price of the Warrants to
$ 0.275, the whole, subject to the following conditions in
accordance with the policies of the Canadian Stock Exchange: (i)
if, following the amendment, the market price of the common shares
of the share capital of the Corporation (the “Common
Shares”) exceeds the amended exercise price by the
applicable private placement discount for any 10 consecutive
trading days, the terms of the Warrants must also be amended to 30
days. The 30-day period will commence 7 days from the end of the
10-day period; and (ii) consent is obtained from all holders of the
Warrants.
These changes are decided by the Board of
Directors following a recommendation from management motivated by
current market conditions, particularly in the Corporation’s
business segment, the recent price of Common Shares listed on the
Canadian Securities Exchange, the exceptional circumstances
relating to the new Coronavirus (Covid-19) pandemic and the
proposed transaction with LSL Laboratory Inc. for which a valuation
of the Common Shares (pre-consolidation) has been established.
A notice will be sent to all holders of the
Warrants and, if they consent to these amendments, they will have
to sign and return the amendment to the Corporation so that such
amendments may become effective with respect to each Warrant.
Although they are authorized and approved by the Board of Directors
of the Corporation, none of the proposed amendments will be
effective with respect to any Warrant until the written consent of
the holder of the Warrant is received by the Corporation.
The Canadian Securities Exchange has in no way
passed upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press release.
Neither the Canadian Securities Exchange nor its
Regulation Services Provider (as that term is defined in its
policies) accepts responsibility for the adequacy or accuracy of
this press release.
For more information, please contact:
For Terranueva Corporation:
Pierre AyottePresident and Chief Executive OfficerTelephone:
(514) 883-8733
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