TORONTO, March 08, 2023 (GLOBE NEWSWIRE) -- Voyageur Mineral Explorers Corp. (“Voyageur” or the “Company”) (CSE: VOY) announces that it will extend the expiry date by two years of a total of 1,386,682 common share purchase warrants (collectively, the “Warrants”) which were issued pursuant to a warrant incentive program of the Company which closed on March 17, 2021 and April 8, 2021, respectively. The terms of the Warrants are as follows:
| Issue Date | Number of Warrants | Exercise Price | Original Expiry Date | New Expiry Date |
| March 17, 2021 | 10,000 | $0.50 per share | March 23, 2023 | March 21, 2025 |
| April 8, 2021 | 1,376,682 | $0.50 per share | April 10, 2023 | April 10, 2025 |
The Warrants are subject to an accelerated expiry provision where, if the Company’s daily weighted average share price is greater than $0.75 for 15 consecutive trading days, the Company may, by notice to the Warrantholders, reduce the expiry date to not less than 30 days from the date of such notice.
All other terms of the Warrants remain the same.
Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), the extension of the term of the Warrants held by insiders constitute a “related party transaction”. The transaction is exempt from the formal valuation and minority shareholder approval requirements in Sections 5.4 and 5.6 of MI 61-101, respectively, pursuant to the exemptions in Subsection 5.5(a) and Paragraph 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeds 25% of the Company’s market capitalization. The transaction is also exempt from the formal valuation requirement in Subsection 5.4 of MI 61-101 pursuant to the exemption in Subsection 5.5(b) of MI 61-101.
This release is being filed less than 21 days before the effective date of the amendments to the Warrants. This shorter period is reasonable and necessary in the circumstances as the Company wishes to carry out the amendments as expeditiously as possible given current market conditions. Furthermore, the CSE policy requires that amendments to warrant terms must be completed sufficiently in advance of their expiry date, and the Company is concerned that delay may preclude the holders of the Warrants expiring in October from enjoying the benefit of the Warrant extension alongside the other Warrantholders.
ABOUT VOYAGEUR MINERAL EXPLORERS CORP.
Voyageur is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. The Company owns a valuable package of royalties in the prolific Flin Flon greenstone belt, and has assembled a portfolio of base metal and precious metal prospects in Manitoba and Saskatchewan.
For further information please contact:
Fraser Laschinger
President and CEO
Voyageur Mineral Explorers Corp.
Tel: 647-242-5511
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the Option. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Voyageur to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Voyageur’s public disclosure documents which are available on SEDAR at www.sedar.com. Although Voyageur has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
