Boron One Announces Successful Closing of Early Warrant Exercise Incentive Program

Boron One Holdings Inc. (TSXV:BONE) has announced the successful closing of its warrant exercise incentive program, initially declared on February 7 and 15, 2024. Designed to encourage the exercise of over 12 million unlisted common share purchase warrants, the program aimed at repricing warrants from two previous private placements. Specifically, the warrants from March 25, 2019, and May 25, 2023, tranches were repriced to C$0.09 per share.

Through this program, the company saw the exercise of 3,933,363 eligible warrants, generating proceeds of $354,002.67 for general working capital. Additionally, participants were issued an equal number of incentive warrants, each allowing the purchase of an additional common share until March 11, 2026, at $0.15. These incentive warrants come with acceleration rights for the corporation if its shares trade above $0.25 for a ten-day period. The issuance is subject to a four-month hold period in compliance with Canadian securities laws.

The program, yet to receive final regulatory approvals including from the TSX Venture Exchange, saw minimal insider participation, amounting to 0.94% of the total eligible warrants. Boron One, an international mineral exploration and development company, views this program as a strategic move in its capital management initiatives.