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. The program aimed to encourage the exercise of up to 10,626,000 unlisted common share purchase warrants issued during a private placement on January 25, 2023. Each warrant was exercisable for one common share at a price of $0.05 per share.

The program saw the exercise of 5,366,000 warrants, generating proceeds of $268,300. These funds will be used for general working capital. Additionally, participating holders received 5,366,000 incentive warrants, allowing them to purchase one common share at $0.07 until December 19, 2026. If shares trade at or above $0.15 for 10 days, the company can accelerate warrant expiry with 30 days' notice.

Incentive warrants and the resulting common shares are subject to a four-month hold period. Boron One relied on specific exemptions from valuation and minority shareholder approval for insider participation. The program awaits approval from the TSX Venture Exchange. Only 1.78% of the exercised warrants were by insiders.