LONDON, ONTARIO--(Marketwired - May 27, 2014) - 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.
"This amendment acknowledges the long term support of our investors from the original private placement related to these warrants," said Dr. Wayne Danter, President and Chief Executive Officer. "This amendment also recognizes the potential future financing source represented by these warrants that can be retained at a relatively low cost by the Company."
Effective September 6, 2012, the Company amended the terms of the Warrants to extend the original expiry date of the Warrants to 5:00 p.m. on October 31, 2013. Subsequently, effective October 29, 2013, the Company further amended the terms of the Warrants to extend the expiry date of the Warrants to 5:00 p.m. (Toronto time) on May 31, 2014 (the Expiry Date).
The Expiry Date is now being amended to extend it to 5:00 p.m. (Toronto time) on March 15, 2016, (the New Expiry Date), provided that the New Expiry Date of the Warrants will be accelerated to 21 days if, for any ten consecutive trading days, the closing price of the Common Shares equals or exceeds $0.60. All other previously amended and unamended 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 bioinformatics 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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