LONDON, ONTARIO--(Marketwired - Oct. 29, 2013) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT) announced today that it is extending the expiry date of 12,500,000 common share purchase warrants (Warrants) issued as part of three tranches of a non-brokered private placement on March 25, April 7 and April 21, 2011 respectively. Each Warrant entitled its holder to purchase one common share of the Company at an exercise price of $0.30 per share for a period of 18 months from the date of issue.
Effective September 6, 2012, the Company amended the terms of the Warrants to extend the expiry date of all the Warrants to 5:00 p.m. EDT on October 31, 2013 (the "Expiry Date"). The Expiry Date is now being further amended to extend the expiry date to 5:00 p.m. EDT on May 31, 2014 (the "New Expiry Date").
The New Expiry Date of the Warrants will be reduced to a period of 21 days if, for any ten consecutive trading days during the unexpired term of the Warrant (the "Premium Trading Days"), the closing price of the Common Shares on the TSX Venture Exchange equals or exceeds $0.37. If this occurs, the reduced exercise period of 21 days will begin seven calendar days after the tenth Premium Trading Day.
The remaining terms and conditions of the Warrants remain unchanged. The Company will deliver a Notice of Amendment reflecting the amended expiry date to the registered holders of the Warrants.
About Critical Outcome Technologies Inc. (COTI)
COTI is a leading-edge technology company specializing in accelerating the discovery and development of small molecules - dramatically reducing the time and cost to bring new drugs to market. COTI'S proprietary artificial intelligence system, CHEMSAS®, utilizes a series of predictive computer models to identify compounds with a high probability of being successfully developed from disease specific drug discovery through chemical optimization and preclinical testing. These compounds are targeted for a variety of diseases, particularly those for which current treatments are either lacking or ineffective.
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