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Energy Fuels (NYSE MKT:UUUU,TSX:EFR) reported that it plans to extend expiry dates of two sets of previously issued common share purchase warrants. Both expiry dates will be extended by one year.
The warrants that the company is proposing to extend are:
- An aggregate of 355,000 warrants (the “2012 Warrants”) issued on June 21, 2012 as part of a private placement, having an original expiry date of June 22, 2015. Each 2012 Warrant entitles the holder to purchase one common share of the Company at a price of Cdn$13.25 per share; and
- An aggregate of 464,859 warrants (the “2013 Warrants”) issued on June 13, 2013 as part of a private placement, having an expiry date of June 15, 2015. Each 2013 Warrant entitles the holder to purchase one common share of the Company at a price of Cdn$9.50 per share.
As quoted in the press release:
The Company has applied to the Toronto Stock Exchange (the “TSX”) to extend the expiry date of the 2012 Warrants to June 21, 2016, provided that in the event that the trading price of the Company’s common shares on the TSX shall exceed Cdn$19.875 (being 150% of the exercise price of the 2012 Warrants) for any period of twenty consecutive trading days (a “Selected Period”), the Company would have the right (but not the obligation) to accelerate the expiry date of the 2012 Warrants to a date which is not less than 30 days after the date on which the Company gives notice of such accelerated expiry date to the holders of the 2012 Warrants. Additionally, the Company has applied to the TSX to extend the expiry date of the 2013 Warrants to June 15, 2016, provided that in the event that the trading price of the Company’s common shares on the TSX shall exceed Cdn$13.50 (being 150% of the exercise price of the 2013 Warrants) for a Selected Period, the Company would have the right (but not the obligation) to accelerate the expiry date of the 2013 Warrants to a date which is not less than 30 days after the date on which the Company gives notice of such accelerated expiry date to the holders of the 2013 Warrants. To the extent that 2012 Warrants or 2013 Warrants are held by insiders of the Company, such Warrants would be excluded from the extension and would expire on their original expiry date. The extension of the expiry dates of the 2012 Warrants and the 2013 Warrants is subject to TSX approval. The effective date of the amendment will be on or after June 12, 2015.
Click here to read the Energy Fuels (NYSE,MKT:UUUU,TSX:EFR) press release
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