CANADIAN PHOENIX ANNOUNCES EXERCISE OF WARRANTS
CALGARY, Oct. 12 /CNW/ - Canadian Phoenix Resources Corp. (the "Corporation") (TSXV: CXP) is pleased to announce the exercise of 1,317,160 warrants effective September 30, 2010. Cash proceeds received by the Corporation on the exercise of the warrants were $1.65 million. Upon the issuance of 1,317,160 new common shares, there will be a total of 47,569,480 shares outstanding.
The Corporation currently has 26,852,575 warrants outstanding, in the following three tranches:
- 8,904,712 warrants expiring March 17, 2011 with an exercise price of $1.25 until the close of business January 11, 2011, and an exercise price of $2.50 from January 12, 2011 to March 17, 2011.
- 17,365,023 warrants expiring September 19, 2011 with an exercise price of $1.25 until the close of business January 11, 2011, and an exercise price of $2.50 from January 12, 2011 to September 19, 2011.
- 582,840 warrants expiring September 30, 2011 with an exercise price of $2.50
The March 17, 2011 expiry date of the first tranche of warrants described above is subject to the following:
a. | if during the period commencing effective January 11, 2010 and ending on January 11, 2011 the closing price of the Corporation's common shares exceeds $1.56 on the TSX Venture Exchange (the "TSXV") for any ten consecutive trading days, the exercise period will be reduced to 30 days commencing on the seventh calendar day following the tenth such trading day; and |
b. | if during the period commencing effective January 12, 2011 and ending on the March Expiry Date the closing price of the Corporation's common shares exceeds $3.13 on the TSXV for any ten consecutive trading days, the exercise period will be reduced to 30 days commencing on the seventh calendar day following the tenth such trading day. |
The September 19, 2011 expiry date of the second tranche of warrants described above is subject to the following:
a. | if during the period commencing effective January 11, 2010 and ending on January 11, 2011 the closing price of the Corporation's common shares exceeds $1.56 on the TSXV for any ten consecutive trading days, the exercise period will be reduced to 30 days commencing on the seventh calendar day following the tenth such trading day; and |
b. | if during the period commencing effective January 12, 2011 and ending on the September Expiry Date the closing price of the Corporation's common shares exceeds $3.13 on the TSXV for any ten consecutive trading days, the exercise period will be reduced to 30 days commencing on the seventh calendar day following the tenth such trading day. |
The September 30, 2011 expiry date of the third tranche of warrants described above is subject to the following: If during the period commencing October 1, 2010 and ending on September 30, 2011 the closing price of the Corporation's common shares exceeds $3.13 on the TSXV for any ten consecutive trading days, the exercise period shall terminate on the sooner of September 30, 2011 and that date which is 30 days after the sixth calendar day following the tenth such trading day.
Canadian Phoenix Resources Corp. is an oil and gas exploration company, based in Calgary, Alberta. Further information on Corporation may be obtained by accessing Corporation's website at www.canadian-phoenix.com.
NEITHER THE 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 THIS RELEASE
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For further information:
Canadian Phoenix Resources Corp.
Michael Atkinson
President & CEO
(604) 689 1428
or
Canadian Phoenix Resources Corp.
Tim Moran
Chief Financial Officer
(403) 920 0040
web site: www.canadian-phoenix.com
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