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Val-d'Or, Québec – January 30, 2018 – Cleghorn Minerals Ltd. ("Cleghorn" or the "Company") (TSX-V:CZZ) announces that, subject to acceptance by the TSX Venture Exchange, it intends to extend the expiry date of outstanding Warrants previously issued under a non-brokered private placement offering as follows:
Subject to acceptance by the TSX Venture Exchange, the proposed Warrant amendments will include the addition of an accelerated expiry provision such that the exercise period of the Warrants will be reduced to 30 days if for any 10 consecutive trading days during the unexpired term of the Warrants (the "Premium Trading Days") the closing price of the Company's common shares exceeds the respective $0.12 or $0.15 exercise price by 25% or more (which would be a respective trading price of $0.15 or $0.1875 per share or higher), the accelerated 30 day expiry period to begin no more than 7 calendar days after the 10th Premium Trading Day.
If required by the Exchange, approval by the Warrant holders of the Warrant amendments will be sought following conditional acceptance of the Warrant amendments by the Exchange.
About Cleghorn Minerals Ltd.:
Cleghorn is a junior mineral exploration company with a 100% interest in the Meech Lake - Matachewan Prospect, a property located in northeastern Ontario, subject to an aggregate 3.5% NSR.
For additional information, please contact:
Glenn J. Mullan, President, Chief Executive Officer, Secretary and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Cleghorn believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Cleghorn's management on the date the statements are made. Except as required by law, Cleghorn undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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