Discovery Harbour Announces Extension Warrants from March 31, 2021 to March 31, 2022
Vancouver, March 15, 2021 - Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company" or "Discovery Harbour") announces that it is applying to the TSX Venture Exchange (the "TSXV") to extend the expiry date of 6,000,000 common share purchase warrants (the "Warrants") issued by the Company in connection with a private placement financing on July 23, 2018 and previously extended to March 31, 2021. This will extend the expiry date by one year to March 31, 2022. The Warrants to be amended do not include any warrants issued to finders or agents. No other terms of the Warrants are to be amended and the exercise price remains at $0.10.
The proposed amendment of the Warrants is subject to the approval of the TSXV.
Certain of the Warrants are held by parties who are considered to be "related parties" of the Company (such warrants, the "Related Party Warrants"). Therefore, the amendment of the Related Party Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon because neither the fair market value of the Related Party Warrants nor the fair market value of the consideration paid for the Related Party Warrants exceeds 25% of the market capitalization of the Corporation. A material change report in respect of this related party transaction will be filed by the Company. The extension of the Warrants will be effective upon TSX Venture Exchange approval, which is expected prior to the 21st day from the date of this press release.
Holders of Warrants will not receive an amended Warrant certificate, and will be required to submit their original Warrant certificate in order to exercise Warrants.
For more information, please visit the Company's website at www.discoveryharbour.com.
ON BEHALF OF THE BOARD OF Discovery Harbour Resources Corp.
"Mark Fields"
Mark Fields, P.Geo., B.Comm.(Hon.)
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552
Disclaimer for Forward-Looking Information
This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour, such as statements that Discovery Harbour intends to pursue the Caldera Project. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour's plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) permitting requirements or (iii) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77347