TORONTO, May 26 /CNW/ - Mantis Mineral Corp. (CNSX-MYN)(the "Company") announces that the Company proposes to amend the terms of 5,650,000 common share purchase warrants which were issued pursuant to the Company's private placement on June 22, 2009 with an exercise price of $0.15.. In particular, the Company proposes to extend the term of the warrants by three years from June 22, 2010 to June 22, 2013.
The Company also proposes to amend the terms of 1,232,500 common share purchase warrants which were issued pursuant to the Company's private placement on May 31, 2005. In particular, the Company proposes to reduce the exercise price of the warrants from $0.50 to $0.15 per share and extend the term of the warrants by three years from May 31, 2010 to May 31, 2013.
Pursuant to the policies of the CNSX the amended warrants must include an acceleration clause which provides that if the common shares of the Company trade at greater than $0.20 for 10 consecutive trading days then the Company would be required to trigger an acceleration of the expiry date of the warrants to the date which is 37 days following such 10 day period.
The amendments will not apply to warrants issued to agents in connection with the private placement. The amendments are subject to the consent of the affected warrant holders and regulatory approval, including satisfaction of the requirements of the CNSX.
Shares for Services
The Company is pleased to settle $28, 405.16 of indebtedness owed to two arm's length creditors by the issuance of 568,090 common shares of the Company. Completion of the debt settlement is subject to regulatory approval, including satisfaction of the requirements of the CNSX.
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.
SOURCE Mantis Mineral Corp.
For further information: For further information: Mr. Robin Ross, Chairman & CEO: (416) 362-1800, firstname.lastname@example.org; Or visit our corporate website at www.mantismineralcorp.com