VANCOUVER, British Columbia, June 24, 2024 (GLOBE NEWSWIRE) -- Hi-View Resources Inc. (‘Hi-View' or the ‘Company’) (CSE: HVW; OTCQB: HVWRF; FSE: B63) is pleased to announce it has received approval from Depository Trust Company ("DTC") to make its common shares eligible for settlement in the US under ticker symbol “HVWRF”. Hi-View is now eligible for electronic clearing and settlement through DTC's automated processes. DTC is a stock depository that facilitates and manages the electronic clearing and settlement of publicly traded companies in the United States.
The Company will be launching its summer work program in the coming weeks on its mining properties in the Toodoggone region of northern BC, to include further rock and soil sampling, analysis of assayed samples from the previous program, geological reports and other geological services.
In addition, the Company intends, effective July 31, 2024, to extend the expiry date of an aggregate of 6,000,000 outstanding common share purchase warrants (the “Warrants”) to September 30, 2025, subject to acceleration provisions described below (“Acceleration Provisions”) and further amend the exercise price to $0.05 (the “Warrant Amendments”). The Acceleration Provisions provide that if for any 10 consecutive trading days prior to the expiry date (a “Premium Trading Period”) the closing price of the common shares of the Company on the CSE exceeds the amended exercise price by an amount equal to the maximum permitted discount permitted by CSE Policy, the expiry date of the amended warrants will be accelerated such that the amended warrants will expire 30 days from the date which is 7 days following the 10th day of the applicable Premium Trading Period. All other terms of the Warrants will remain unchanged. The Warrant Amendments remains subject to acceptance by the CSE. The Warrants were originally issued between January 27, 2022 August 2, 2023 at exercise prices between $0.10 and $0.20.
Two directors and officers of the Company, beneficially own 500,000 Warrants collectively. As a result, the Warrant Amendment are considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements found in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the Warrant Amendment, insofar as it involves the two directors and officers, is not more than 25% of the Company’s market capitalization.
Furthermore, the Company has granted incentive stock options to purchase an aggregate amount of 1,250,000 common shares at an exercise price of $0.05 per share for a period of two (2) years from issuance to certain directors, officers and consultants in accordance with the provisions of its stock option plan. The grant of incentive stock options is subject to the policies of the Canadian Securities Exchange.
About Hi-View
Hi-View is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and the USA. The Company, through its subsidiary holds interests in the Golden Stranger Property and the Lawyers West, East, South projects, together with claims acquired directly through staking, all located in the Toodoggone region of northern BC, prospective for gold, silver, and copper. The collective holdings cover 10,821 hectares.
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are 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. Forward-looking statements in this news release includes statements related to the proposed Transaction and related matters. Although the Company 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 the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
