dynaCERT Gives Notice of Acceleration of Expiry Date to Holders of Re-priced Warrants
TORONTO, Nov. 08, 2019 (GLOBE NEWSWIRE) -- dynaCERT Inc. (TSX VENTURE: DYA) (OTCQB: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") announces that it is sending Notices today to all of the holders of outstanding share purchase warrants that were repriced in accordance with TSX Venture Exchange ("TSX-V") approvals in February 2019 (see the Company’s Press Release dated February 4, 2019), of which an aggregate of 7,186,770 warrants remaining outstanding (the “Repriced Warrants”). The Repriced Warrants all have an exercise price of $0.35 and an expiry date of December 1, 2020, subject to acceleration if the closing price of the Company's common shares on the TSX-V is above $0.50 for ten consecutive trading days, which has occurred. Repriced Warrants held by non-insiders (a total of 6,924,865 warrants) are accelerated to a date that is 30 days from today's notice, while Repriced Warrants held by insiders (a total of 261,905 warrants) are accelerated to a date that is 10 days from notice in accordance with TSX-V requirements. Pursuant to the aforementioned Notices, holders of the Repriced Warrants have until 5:00 PM (Toronto time) on December 9, 2019 (in the case of non-insiders; November 18, 2019 in the case of insiders) to exercise their Repriced Warrants, after which dates and times such warrants will have expired.
There are currently an aggregate of 28,331,039 warrants remaining outstanding and not yet exercised, including the Repriced Warrants. Other than the Repriced Warrants, there are, therefore, 21,144,269 warrants remaining outstanding that have not been re-priced from their original exercise price (the “Non-Repriced Warrants”). The Non-Repriced Warrants all have an exercise price of $0.35 and an expiry date of December 1, 2020, subject to a 30-day acceleration clause, except for 16,349 broker warrants, which have an exercise price of $1.00 and expire December 1, 2020. The acceleration clause of such Non-Repriced Warrants provides that, in the event that the closing trading price of the Company's common shares on the TSX-V is greater than $0.50 for ten (10) consecutive trading days, the Company may provide notice to the holders of the Non-Repriced Warrants of the acceleration of the expiry time of such warrants to the date that is thirty days after the deemed delivery of such notice. While the condition to the provision of a 30-day notice of acceleration of the expiry date of such Non-Repriced Warrants has bee satisfied, the Company has not delivered any such notice and has not made any decision to do so, but retains the right to do so at a future date.
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
For more information, please contact:
Jim Payne, CEO & President