Intrepid Metals Corp. (TSXV: INTR | OTCQB: IMTCF) has extended the exercise period of a total of over 3.8M share purchase warrants, all of which are exercisable at C$0.70 each. The warrants were issued pursuant to a private placement which closed on 21 April 2022 with a proposal to extend the expiry dates to 31 October 2024. All other terms and conditions remain unchanged.
A total of 190,625 warrants are held by “related parties” of the company. Therefore, the amendment of warrants constitutes a “related party transaction” as contemplated by MI 61-101 and TSXV policy.
However, the exemptions from formal valuation and minority approval requirements can be relied upon as the fair market value does not exceed 25% of the market capitalization. The company did not file a material change report related to this transaction more than 21 days before the expected closing of the warrant extension as required by MI 61-101 since the decision to extend the warrants was made on an expedited basis for sound business reasons.
In addition, the company has also granted a total of 1.47M stock options to directors, officers, and consultants of the company. The stock options have an exercise price of C$0.64 and expire on 12 February 2029. The warrant extension is subject to acceptance by the TSX Venture Exchange.
Intrepid Metals Corp. is a Canadian company focused on exploring for high-grade essential metals such as copper, silver, lead, and zinc in proximity to established mining jurisdictions in southeastern Arizona, USA.
The company has several drill ready projects, including the Corral Copper Project, the Tombstone South Project (both of which are in Cochise County, Arizona), and the Mesa Well Project (located in the Laramide Copper Porphyry Belt in Arizona).
For further information, please visit: www.intrepidmetals.com
To read more articles like this, please visit: www.theassay.com
