Serengeti Resources advises that, subject to regulatory approval, it has agreed to extend the exercise term of a total of 1,559,000 share purchase warrants which were issued in its private placement of Flow Through Shares and Non-Flow Through Units which closed February 16, 2007.
In accordance with new TSX-V Policies allowing for the extension of the exercise terms for previously issued share purchase warrants, the Company intends to extend the exercise term of the above warrants for an additional one year, from an expiry date of February 13, 2009 to an expiry date of 4:30pm PST on February 13, 2010 (the “Extended Expiry Date”). The exercise price of these warrants will remain at $1.00 per share.
If, at any time prior to the Extended Expiry Date of the 1,559,000 warrants, the weighted average closing price of the Company’s shares is $1.25 or greater for a period of 10 consecutive trading days (”Premium Trading Days”), the Company will impose a provision that the warrant holders will be given 30 days after the tenth Premium Trading Day to exercise their warrants, otherwise the warrants will expire on the 31st day.
