On March 24, 2020 ProMIS Neurosciences, Inc. ("ProMIS" or the "Company") (TSX: PMN) (OTCQB: ARFXF) announces that the Company has received approval from the Toronto Stock Exchange to amend the exercise price of an aggregate of 44,182,530 outstanding common share purchase warrants (the "Warrants") that were previously issued on August 9, 2017, August 28, 2017, October 30, 2017, April 30, 2018, January 22, 2019, June 26, 2019, November 15, 2019, and December 30, 2019 (the "Warrant Repricing") (Press release, ProMIS Neurosciences, MAR 24, 2020, View Source [SID1234555788]). The Warrants will expire on the date that is five years from the original date of issuance. Outstanding Warrants currently held by Insiders of the Company will be excluded from the Warrant Repricing.
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The exercise price of the Warrants is being repriced to CDN $0.13 (USA $0.09) per share, effective April 8, 2020 until May 22, 2020 (the "Warrant Repricing Period"). At the end of the Warrant Repricing Period, the Warrants will revert to the original exercise price. All other terms of the Warrants shall remain the same.
The Company will deliver a new exercise notice (the "New Exercise Notice") to the Warrantholders for exercise during the Warrant Repricing Period. All Warrantholders who wish to exercise their Warrants during the Warrant Repricing Period will be required to surrender their respective Warrant Certificates representing their Warrants, along with a properly completed New Exercise Notice to the Company, in accordance with the instructions provided in the New Exercise Notice.
Table: List of warrant series subject to repricing:
Date of Issuance Number of Warrants Outstanding (not held by Insiders) Original Exercise Price Expiry Date
August 9, 2017 4,808,101 $ 0.30 August 9, 2022
August 28, 2017 2,232,200 $ 0.30 August 28, 2022
October 30, 2017 77,000 $ 0.285 August 28, 2022
April 30, 2018 9,975,228 $ 0.48 April 30, 2023
January 22, 2019 13,279,269 $ 0.48 January 22, 2024
June 26, 2019 280,000 $ 0.48 June 26, 2024
November 15, 2019 9,939,066 $ 0.35 November 15, 2024
December 30, 2019 3,591,666 $ 0.35 December 30, 2024
Total: 44,182,530
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.