NEXE Innovations has received warrant holder
approval to amend, among other things, the exercise price and
expiry date of its 2021 Warrants.
VANCOUVER, BC, April 10,
2023 /CNW/ - NEXE Innovations Inc. ("NEXE" or the
"Company") (TSXV: NEXE) (Frankfurt: NX5) (OTC: NEXNF), a
compostable and innovative materials company, is pleased to
announce that further to its news release dated March 20, 2023, it has received the approval of
holders ("Warrantholders") holding approximately 71.5% of
its outstanding warrants issued on April 9,
2021 (the "Warrants") to the amendment of certain
terms of the Warrants (the "Amendments").
The Warrants have been amended such that the exercise price of
the Warrants has been revised from $2.50 to $0.65 per
share and the expiry date extended from April 9, 2023 to April 9,
2024. The terms of the Warrants have also been amended to
include a mandatory acceleration provision (the "Acceleration
Provision") as required under the policies of the TSX Venture
Exchange (the "TSXV") pursuant to which, if for any ten
consecutive trading days (the "Premium Trading Days")
following the date hereof, the closing price of the Company's
common shares on the TSXV exceeds $0.78, the expiry date of Warrants will be
accelerated such that holders will have 30 calendar days to
exercise the Warrants (if they have not first expired in the normal
course). The Company will announce any acceleration of the expiry
date by press release and the 30-day period will commence seven
days after the last Premium Trading Day. The Company would like to
clarify that while it had previously announced that the trigger
price for the Acceleration Provision would be $0.8125 and the trigger price approved by
Warrantholders was reduced to $0.78
to comply with TSXV requirements.
Effective April 9, 2023, the
Company entered into a supplemental indenture to effect the
Amendments with TSX Trust (the "Warrant Agent"), as warrant
agent, to the warrant indenture governing the Warrants dated
April 9, 2021 between the Company and
the Warrant Agent.
About NEXE Innovations
Inc.
NEXE Innovations Inc. is a leader in innovative compostable
materials technology based in British
Columbia, Canada. The first product developed by NEXE
Innovations is one of the only patented, fully-compostable,
single-serve coffee pods for use in existing major single-serve
coffee machines.
For more information about NEXE Innovations' compostable
materials and how it is well-positioned to meet the growing demand
for environmentally friendly and sustainable products, visit
www.nexeinnovations.com and follow us on social media
@nexeinnovations.
On behalf of the Company:
Ash Guglani
President & Director
For investor relations contact:
Kam Mangat
VP, Investor Relations & Corporate Strategy
invest@nexeinnovations.com
Office +1-604-359-4725
Mobile +1-604-359-4742
For media relations contact: media@nexeinnovations.com
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE Nexe Innovations Inc.
