MAS Gold Corp (TSX-V:MAS, OTCQB:MSGCF) has announced the repricing of 17,077,881 share purchase warrants originally issued by the company on December 30, 2020, under a non-brokered private placement from $0.045, as announced on October 25, 2022, to $0.05 each.
In a statement, Jim Engdahl, chief executive officer of the company commented: "We believe that a reduction of exercise prices of the Historical Warrants will provide an excellent opportunity for existing investors holding Historical Warrants to continue to participate in the ongoing financing and future growth and development of the Company's projects.
"At the amended exercise price, the Historical Warrants could generate significant working capital if all Historical Warrants are exercised. We encourage all holders of Historical Warrants to provide their consent to the proposed Amendments."
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Under the amendment, the exercise price of all the historical warrants will be reduced to $0.05 and their expiry will become subject to an accelerated expiry provision providing for the exercise period to be reduced to 30 days if, for any ten consecutive trading days during the unexpired term of the historical warrants, the closing price of the common shares of the company on the TSXV exceeds $0.0625, representing the amended exercise price of $0.05 plus 25%.
The 30-day expiry period will commence on the day that the company disseminates a news release announcing the accelerated expiry period, or if the company does not disseminate a new release, then the accelerated expiry period will automatically start seven days after completion of the premium trading period.
The amendments are subject to approval by the holders of the historical warrants and by the TSXV.
MAS Gold is a Canadian mineral exploration company focused on exploration projects in the prospective La Ronge Greenstone Belt of Saskatchewan. In the belt, the company operates the Greywacke, North Lake and Point advanced gold projects, each hosting drill-intercepted zones of gold mineralization
Contact the author at jon.hopkins@proactiveinvestors.com