KWG Extends the Expiry Dates and Resets the Exercise Price of Outstanding Warrants18 Nov 2022, Posted by 2022, News, Uncategorised in
Toronto, Ontario–(Newsfile Corp. – November 18, 2022) – KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (FSE: KW61) (“KWG” or the “Company”) is pleased to announce that the time to exercise warrants issued during 2019 and 2021 (each a “Warrant”) to purchase KWG.A multiple voting shares (each a “Multiple Voting Share”) will be extended so that each such Warrant will have a five-year term from the applicable Warrant’s original date of issuance. More particularly, 26,864 Warrants will have their expiry date extended to March 15, 2024; 3,808 Warrants will have their expiry date extended to June 17, 2024; 15,048 Warrants will have their expiry date extended to August 26, 2024; and 986,621 Warrants will have their expiry date extended to March 31, 2026, respectively. As a result of the 3:1 subdivision of Multiple Voting Shares which occurred on November 2, 2021, each Warrant entitles its holder to purchase three (3) Multiple Voting Shares until its expiry date. In conjunction with extending the expiry dates of the Warrants, the Company also announces the repricing of the exercise price of these Warrants from $7.50 to $9.60 per Warrant, each such Warrant entitling the holder to purchase three (3) Multiple Voting Shares on or before its expiry date, giving an effective exercise price of $3.20 per KWG.A Multiple Voting Share on exercise of said Warrants.
About KWG: KWG is the Owner of the Black Horse chromite project (part of the “Koper Lake-McFaulds” properties). Bold Ventures Inc. is carried through exploration of the former Fancamp claims for 10%. KWG holds a 15% vested interest in the McFaulds copper/zinc project and a vested 30% interest in the Big Daddy chromite project. KWG also owns 100% of CCC which staked mining claims between Aroland, Ontario (near Nakina) and the Ring of Fire. CCC has conducted a surveying and soil testing program to assess the prospects for the engineering and construction of a railroad along that route between the Ring of Fire and Aroland, Ontario. CCC engaged Cormorant Utilities and Rail-Veyor Technologies for Engineering Proposals for the construction of a transportation and utility corridor within the route and has received those proposals. KWG has also acquired intellectual property interests, including a method for the direct reduction of chromite to metalized iron and chrome using natural gas. KWG subsidiary Muketi Metallurgical LP has acquired two chromite-refining patents in Canada and one in each of the USA, South Africa and Kazakhstan, and is prosecuting an application in Turkey.
For further information, please contact:
Bruce Hodgman, Vice-President: 416-642-3575 ~ [email protected]
Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and KWG disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.