Warrant term corrected
Winspear Resources Ltd WSP
Shares issued 30,933,265 Feb 24 close $0.99
Tue 24 Feb 98 News Release
Mr John McDonald reports
Winspear wishes to make a correction to its press release which appeared in
Stockwatch February 24 1998, in which terms were announced for certain
outstanding share purchase warrants issued on July 8 1997 and extended from
12 months to 60 months.
On July 8 1997, 1,650,000 shares and 825,000 warrants (the investor
warrants) as to 412,500 non-flow-through warrants and as to 412,500
flow-through warrants were issued on the exercise of the 1,650,000 special
warrants (as to 825,000 non-flow-through special warrants and as to 825,000
flow-through special warrants) and, in addition, 155,105 share purchase
warrants (the agent's warrant) were issued to the agent on the exercise of
the 155,105 agent's special warrants.
As originally issued, each, FT warrant entitled the holder to purchase one
common share at $3.75 per share at any time until 4:00 pm on March 10 1998.
As a result of the extension of the terms of the warrants, each FT warrant
now entitles the holder to purchase one common share of the company at:
i) $3.75 per share to March 10 2000;
ii) $4.32 per share to March 10 2001; and
iii) $4.88 to March 10 2002.
Item ii) was incorrectly reported as $4.23 per share in the February 23
press release.
Terms for the non-FT warrants and for the agent's warrants were correctly
reported on February 23.
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