VANCOUVER, Feb. 6, 2017 /CNW/ - Grande West Transportation Group Inc. (TSXV: BUS; OTC PINK: GWTNF) – ("Grande West" or the "Company"), announces that in accordance with the terms of the warrant indenture for those warrants issued on December 18, 2015 and in accordance with the terms of the broker warrant certificates for the broker warrants issued on December 18, 2015, the Corporation has provided the required written notice to holders of such warrants that the expiry date has been accelerated to the close of business on March 8, 2017.
Under the terms of the warrant indenture and the broker warrant certificates, If the closing market price of the Common Shares of the Company on the Exchange is equal to or greater than, $1.15 per Common Share for a period of twenty (20) consecutive trading days after December 18, 2016 (a "Trigger Event"), then the Company may deliver a notice (the "Acceleration Notice") to the Warrantholder notifying such Warrantholder that the Warrants must be exercised within thirty (30) calendar days from the date of the Acceleration Notice, otherwise the Warrants will expire at 4:00 p.m. (Vancouver time) on the thirtieth (30th) calendar day after the date of Acceleration Notice.
As of the close of business on February 3, 2017 the 20-day trading price of the Common Shares exceeded $1.15. Warrants may be exercised through payment of the exercise amount of $0.85 per whole warrant up to close of business on March 8, 2017. If all of the warrants subject to this acceleration are exercised, Grande West will receive proceeds of approximately $800,000. Any warrants not exercised prior to the accelerated expiry date and time will expire without any further action being taken.
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Grande West Transportation Group Inc.