NEW YORK (GenomeWeb News) – Miraculins has launched an early-exercise warrant incentive program intended to encourage the early exercise of up to 7.8 million of its outstanding unlisted warrants.
The Winnipeg, Manitoba-based firm said that the warrants entitle holders to acquire one share of common stock at a price of C$.10 (US$.10) until June 17, 2011. The warrant holders are now being offered an incentive consisting of a half warrant in addition to the common share issuable for each warrant.
The incentive warrant is exercisable for one common share at a price of C$.18 until Dec. 15, 2011.
The firm said that the current warrant holders would need to exercise this option between Feb. 16 and ending 5:00 PM (Winnipeg time) on March 8. Only warrant holders that exercise all of their remaining warrants during the early exercise period will be eligible to receive the incentive warrants.
If all warrants are exercised on or before expiration of the early exercise period, Miraculins expects to receive gross proceeds of around C$780,000, issue 7.8 million common shares, and issue 3.9 million incentive warrants.