Bluebird Mining Ventures (LSE:BMV, FRA:09D), the gold streaming and mining company, saw its shares surge 11% before reversing sharply to trade 14% lower as market makers struggled to assess the impact of a warrant cancellation, the board said would remove a long-standing structural overhang.
The company cancelled 100.51 million warrants carrying an exercise price of 0.23 pence per share, with the remaining warrants at the same price expected to follow in due course, as part of a broader effort to simplify its capital structure ahead of future institutional engagement.
The announcement also confirmed details of the company's Management Incentive Plan, under which up to 300 million shares held in a share trust may be released to management in tranches upon achievement of market capitalisation milestones ranging from £20 million to £200 million, measured over 30 consecutive trading days.
A maximum of 100 million shares may vest in any single calendar year, with awards requiring formal certification by independent directors.
The board also approved the issuance of 93.33 million additional ordinary shares to Skylake Management LLP, the entity through which chief executive Sath Ganesarajah operates, in full and final satisfaction of consideration owed under a Bitcoin mining equipment acquisition agreement struck in June 2025.
Ganesarajah recused himself from board deliberations on matters in which Skylake has an interest, and the independent directors said the terms of all related party arrangements were fair and reasonable to shareholders.
Following admission of the new shares, expected on 10 April, the company's total issued share capital will stand at 2.1 billion shares.