(All numbers in this press release are in Canadian Dollars)
First Nordic Metals Corp. (TSX.V: FNM, OTCQB: FNMCF) announced the successful completion of the Company’s warrant exercise incentive program previously announced on July 11, 2024 (the “Incentive Program”), as well as the exercise of additional Company warrants and stock options, providing aggregate gross proceeds of $1,147,130 to FNM.
In total in July, the Company raised approximately $3.9M from warrants and stock options (see FNM News Release dated July 10, 2024, for additional information, in which $2.7M of this was previously announced).
The proceeds of the Incentive Program warrants as well as the additional Company warrants and stock options will be used for exploration and development of the Company’s projects and for working capital purposes.
Incentive Program
A total of 1,774,558 common shares in the capital of the Company (each a “Common Share”) were issued upon the exercise of 1,774,558 outstanding share purchase warrants (the “Outstanding Warrants”) permitted to participate under the Incentive Program, providing gross proceeds of $638,841 to FNM from the Incentive Program (at $0.36 per Outstanding Warrant).
For every Outstanding Warrant exercised, the holders of such Outstanding Warrant received the one Common Share to which they were otherwise entitled under the terms of the Outstanding Warrants and one-half of one common share purchase warrant (each whole warrant, an “Incentive Warrant”). Each Incentive Warrant allows the holder to acquire one Common Share at an exercise price of $0.40 for a period of two years following the date of the issuance of the Incentive Warrant. A total of 887,279 Incentive Warrants were issued pursuant to the Incentive Program.
Holders of 3,161,558 Outstanding Warrants were eligible to participate in the Incentive Program. For those holders of Outstanding Warrants who chose not to participate in the Incentive Program, such Outstanding Warrants will remain outstanding and continue to be exercisable for Common Shares on their current terms (including the amended exercise price of $0.36 per Outstanding Warrant) until their applicable expiry date, at which time any Outstanding Warrants that remain unexercised will expire and be cancelled pursuant to their terms.
The Incentive Warrants issued pursuant to the Incentive Program, and the Common Shares issuable on exercise thereof, are subject to a hold period ending November 30, 2024.
Additional Warrants and Stock Options
Since July 11, 2024 (after FNM News Release of July 10, 2024, on warrants / options update), in addition to funding from the Incentive Program, FNM has raised $475,610 from stock option exercises and an additional $32,679 from the exercise of other warrants not included in the Incentive Program.
First Nordic Metals is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.
