VR Global Partners, a private investment fund managed by VR Advisory services, announced the acquisition of 3,334,000 special warrants of Energizer Resources (TSX:EGZ,OTCBB:ENZR).
As quoted in the press release:
Each Special Warrant entitles VRGP to acquire, for no additional consideration, one unit (a “Unit”) of Energizer, with each Unit comprised of one common share of Energizer (a “Common Share”) and one-half of one common share purchase warrant (the “New Warrants”). Each one New Warrant entitles VRGP to purchase one Common Share at a price of US$0.14 per Common Share until May 4, 2018.
Following the acquisition of Special Warrants, the VR Entities own (a) 25,657,713 Common Shares, (b) 11,517,857 common share purchase warrants (the “Existing Warrants”), and (c) 3,334,000 Special Warrants. Each Existing Warrant is exercisable into one Common Share at an exercise price of US$0.18 per share at any time until November 15, 2016.
The Common Shares owned by the VR Entities constitute approximately 8.32% of the total number of Common Shares outstanding. Assuming the conversion of all of the Existing Warrants, Special Warrants and New Warrants owned by the VR Entities into an additional 16,518,857 Common Shares, and no other conversions of Existing Warrants, Special Warrants and New Warrants, the VR Entities would then own approximately 12.98% of the total number of Common Shares outstanding. Assuming the conversion of all of the Existing Warrants, Special Warrants and New Warrants by all holders thereof (including the VR Entities), the VR Entities would then own approximately 11.03% of the total number of Common Shares outstanding.
The Special Warrants were acquired pursuant to a larger treasury offering by Energizer of an aggregate of 20,550,998 Special Warrants (the “Offering”). The purchase price per Special Warrant in the Offering was C$0.12. The Special Warrants will be deemed to be exercised without payment of additional consideration or further action, on the earlier of: (i) the third business day following the day upon which Energizer obtains a receipt for a final prospectus (the “Final Prospectus”) qualifying the underlying Common Shares and New Warrants from the securities regulatory authority in each of the provinces of British Columbia, Ontario, Alberta and further provided that Energizer has filed (and has in effect) a resale registration statement (the “Registration Statement”) in the United States with the Securities and Exchange Commission relating to the Common Shares and New Warrants; and (ii) November 4, 2015.