Vancouver, B.C. Eastfield Resources Ltd. (“Eastfield” or the “Company”) has filed an application with the TSX Venture exchange to extend the expiry date of 1.8 million common share purchase warrants issued by the company in connection with a private placement financing on June 13, 2019. This will extend the expiry date by one year to June 13, 2022. The warrants to be amended do not include any warrants issued to finders or agents. No other terms of the warrants are to be amended and the exercise price remains at $0.10.
The proposed amendment of the warrants is subject to the approval of the TSX-V.
Certain of the warrants are held by parties who are considered to be related parties of the company. Therefore, the amendment of the related party warrants constitutes a related party transaction as contemplated by Multilateral Instrument 61-101 -- Protection of Minority Shareholders in Special Transactions, and TSX-V Policy 5.9 -- Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon because neither the fair market value of the related party warrants nor the fair market value of the consideration paid for the related party warrants exceeds 25 per cent of the market capitalization of the Company.
Holders of warrants will not receive an amended warrant certificate, and will be required to submit their original warrant certificate in order to exercise warrants.
About Eastfield Resources Ltd.
Eastfield Resources is a well-financed Canadian mineral exploration company focused on the discovery of precious metal and copper deposits. Eastfield currently has six mineral projects located in British Columbia of which three are currently optioned to third parties. Eastfield also holds a strategic position in Consolidated Woodjam Copper consisting of approximately 9.5 per cent of its outstanding shares.
David M Douglas, CPA, CA
Eastfield Resources Ltd.
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