Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) said it experienced a remarkable exercise rate of around 99% for its warrants, resulting in approximately $22.5 million in additional cash resources.
Sintana, a Namibia-focused energy firm, had issued approximately 92.9 million warrants in tandem with a financing initiative executed by the company in March of 2022.
These two-year warrants, struck at an exercise price of $0.25 per share, were listed and traded on the TSX-V until their expiration and subsequent delisting on March 8, 2024.
Leading up to the expiry date, approximately 91.6 million warrants were exercised, showcasing an impressive exercise rate of around 99%. The exercise activity generated approximately $22.5 million in additional cash resources for Sintana, significantly bolstering its financial standing.
Robert Bose, CEO of Sintana, expressed gratitude about the support from Sinanta’s shareholders.
“The company’s progress over the past 24 months and its resulting impact on our share price performance continue to demonstrate the timeliness of our entry into Namibia. The near complete exercise of the warrants are a further testament to that.”
Bose added that the company is progressing the two light oil discoveries it announced in January.