Canadian Premium Sand Inc. Announces Extension of Warrants
August 23 2024 - 7:00PM
Canadian Premium Sand Inc. (“
CPS”
or the “
Company”) (TSXV: CPS) is pleased to
announce that it intends to extend the expiry date of an aggregate
of 26,494,908 warrants (the "
Warrants") to
purchase an aggregate of 26,494,908 common shares ("
Common
Shares") of the Company. The Warrants were issued pursuant
to a private placement unit offering that closed August 31, 2022
and are currently set to expire on August 31, 2024. The Company
intends to extend the expiry date by 4 months to December 31, 2024.
All other terms of the Warrants, including the exercise price of
$0.40 per Common Share, will remain unchanged.
In the event that the 30-day volume weighted
average trading price of the Common Shares on the TSX Venture
Exchange (the "TSXV") is at or greater than $0.90
per Common Share, the Company may accelerate the expiry date of the
Warrants by giving notice to the holders thereof, and in such case,
the Warrants will expire on the 30th day after the date on which
such notice is given by the Company.
The Company believes that the extension is
justified to ensure that the holders of the Warrants have
additional time to exercise their Warrants as CPS continues to
remain engaged with the Province of Manitoba and the Government of
Canada to progress potential financial incentive packages, as
previously announced by the Company on May 23, 2024, for its
integrated patterned solar glass manufacturing facility in Selkirk,
Manitoba.
The extension of the Warrants is subject to
approval by the TSXV. The Company intends to issue an updated news
release upon receipt of the approval of the Warrant extension.
The securities described herein have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”) or
any state securities laws and accordingly may not be offered or
sold within the United States or to “U.S. persons”, as such term is
defined in Regulation S promulgated under the U.S. Securities Act
(“U.S. Persons”), except in compliance with the
registration requirements of the U.S. Securities Act and applicable
state securities requirements or pursuant to exemptions therefrom.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Company’s securities to,
or for the account of benefit of, persons in the United States or
U.S. Persons.
A total of 9,448,419 Warrants are held by
parties who are considered to be "related parties" of CPS
Therefore, the amendment of Warrants to extend their expiry date
may constitute a "related party transaction" as contemplated by
Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions, and TSXV Policy 5.9 - Protection
of Minority Security Holders in Special Transactions. However, the
exemptions from formal valuation and minority approval requirements
can be relied upon as the fair market value of the Warrants held by
interested parties does not exceed 25% of the market capitalization
of the Company.
About Canadian Premium Sand
Inc.
The Company is developing manufacturing capacity
for ultra high-clarity patterned solar glass through a
Company-owned facility to be located in Selkirk, Manitoba that
utilizes the high-purity, low-iron silica sand from its wholly
owned Wanipigow quarry leases and renewable Manitoba
hydroelectricity. The Company is a reporting issuer in Ontario,
Alberta and British Columbia. Its shares trade on the TSXV under
the symbol "CPS".
Neither the 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.
CONTACT INFORMATION:
Canadian Premium Sand Inc. |
|
Glenn Leroux |
Cam Deller |
President and Chief Executive Officer |
Chief Financial Officer |
glenn.leroux@cpsmail.com |
cam.deller@cpsmail.com |
|
|
Investor
RelationsIR@cpsmail.com587.355.3714www.cpsglass.com
Forward-Looking Information
Certain statements contained in this press
release constitute forward-looking statements relating to, without
limitation, expectations, intentions, plans and beliefs, including
information as to the future events, results of operations and the
Company’s future performance (both operational and financial) and
business prospects. In certain cases, forward-looking statements
can be identified by the use of words such as “expects”,
“estimates”, “forecasts”, “intends”, “anticipates”, “believes”,
“plans”, “seeks”, “projects” or variations of such words and
phrases, or state that certain actions, events or results “may” or
“will” be taken, occur or be achieved. Such forward-looking
statements reflect the Company's beliefs, estimates and opinions
regarding its future growth, results of operations, future
performance (both operational and financial), and business
prospects and opportunities at the time such statements are made,
and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or
circumstances should change. Forward-looking statements are
necessarily based upon a number of estimates and assumptions made
by the Company that are inherently subject to significant business,
economic, competitive, political and social uncertainties and
contingencies. Forward-looking statements are not guarantees of
future performance. In particular, this press release contains
forward-looking statements pertaining, but not limited, to: the
intention to extend the expiry date of the Warrants and the
justification for such extension; the intention to issue an updated
news release upon receipt, if any, of the approval of the Warrant
extension; the financing of CPS's project in the expectation of
financial incentive packages from Governments; the anticipated
market for the Company's patterned solar glass; future development
plans; industry activity levels; industry conditions pertaining to
the solar glass manufacturing industry; the ability of and manner
by which the Company expects to meet its capital needs; and the
Company's objectives, strategies and competitive strengths. By
their nature, forward-looking statements involve numerous current
assumptions, known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to differ materially from those
anticipated by the Company and described in the forward-looking
statements. The forward-looking information and statements
contained in this document speak only as of the date hereof and the
Company does not assume any obligation to publicly update or revise
them to reflect new events or circumstances, except as may be
required pursuant to applicable laws.
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