Margaret Lake to reprice 1.66 million warrants

Executive Summary

• Margaret Lake Diamonds Inc. will reprice 1,665,000 of its outstanding share purchase warrants to an exercise price of $0.20 per warrant.
• The repricing applies only to the portion of warrants held by directors and officers (200,000) to remain within TSX‑V ownership limits; the remaining 1,465,000 warrants are repriced on a pro‑rata basis.
• All other terms of the warrants—including expiration date (Feb 14 2026) and acceleration clause—remain unchanged, pending TSX‑V approval.

Key Details

• Original issuance: 20 million share purchase warrants at $0.05 exercise price, expiring Feb 14 2026, with an acceleration clause.
• Consolidation on June 16 2023 reduced the outstanding count to 2 million warrants at a $0.50 exercise price (post‑consolidation).
• Current holdings: Directors and officers hold 535,000 warrants; TSX‑V policy requires repricing of only up to 10 % of total outstanding warrants for insiders.
• Repricing scope: 1,665,000 warrants will be amended to an exercise price of $0.20 per warrant.
• Insider portion: 200,000 warrants held by directors/officers will be repriced on a pro‑rata basis; the remaining 1,465,000 warrants are repriced uniformly.
• New acceleration trigger: If TSX‑V closing price ≥ $0.25 for ten consecutive trading days, warrants must be exercised within 30 calendar days after company notice.
• All other warrant terms (expiration date, acceleration clause mechanics) remain unchanged.
• The amendment is subject to TSX‑V approval and has been authorized by the board of directors.

Notable Quotes

(No direct quotes were provided in the release.)