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Gold/Mining/Energy : Yamana Resources INC. T- YRI
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To: Carmel Bonnici who wrote (851)2/7/1998 9:15:00 PM
From: Greg W. Taylor  Read Replies (1) of 2346
 
Carmel:

I had thought before that we would be able to extend the $4.95 Warrants. However, after talking with our lawyers and the TSE, I have learned that we are effectively barred from doing so. If I understand the problem, because the Warrants are freely trading -- that is, we are not talking about Warrants which are separately from the market and cannot be traded -- we are not allowed to make the sort of change which would, in itself, affect their value. Certain warrants can be extended where they were, for example, granted to a company as part of, say, a private placement, but which could not be traded (vested) in the market.

I may not have the reasoning right but I have been assured (a couple of times) that the TSE would not allow us to extend the Warrants. I don't know if there is anything else which could reasonably be done.

Greg
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