Murchison Minerals Ltd (TSX-V:MUR, OTCQB:MURMF, TSX-V:MUR.V) announced a warrant exercise incentive program, which is designed to encourage the early exercise of up to 27,118,788 of its outstanding unlisted warrants that are exercisable for company common shares.
Murchison said the incentive program is expected to strengthen its current cash position and provide the company with additional capital to meet its 2022 budgeted exploration expenses and for working capital purposes.
Each warrant holder that exercises their warrants before April 15, 2022, will receive one-half of an additional common share purchase warrant, in which each whole incentive warrant will entitle the holder to purchase one additional Murchison common share until April 15, 2023, at a price of $0.18.
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Murchison noted the warrants are currently exercisable as follows: five million warrants at a price of $0.12 per common share expiring on September 5, 2022; and 22,118,788 warrants at a price of $0.12 expiring on October 21, 2022.
The incentive program will begin March 17, 2022, at 9 am ET and expire on April 15, 2022, at 4 pm.
Murchison said it expects its CEO Troy Boisjoli and company director Donald Johnson will both participate in the program.
The company also noted it will receive gross proceeds of about $3,254,255 if all of the warrants are exercised during the early exercise period.
Murchison Minerals is a Canada‐based exploration company focused on nickel-copper-cobalt exploration at the 100%-owned HPM project in Quebec and the exploration and development of the 100%-owned Brabant Lake zinc‐copper‐silver project in north‐central Saskatchewan. The company also holds an option to earn 100% interest in the Barraute VMS exploration project also located in Quebec, north of Val d'Or.
Contact Sean at sean@proactiveinvestors.com