LONDON, ONTARIO--(Marketwired - Mar 7, 2014) - Critical Outcome Technologies Inc. (COTI) (TSX VENTURE:COT) announced today that it has received acceptance from the TSX Venture Exchange ("TSXV") to extend the expiry term of 1,575,500 common share purchase warrants ("Warrants") issued as part of its private placement in April and May 2010 representing the third amendment made for these warrants.
"This amendment recognizes the additional potential financing source for the Company represented by these warrants that can be retained at a relatively low cost," said Dr. Wayne Danter, President and Chief Executive Officer. "It also acknowledges the long term support from our investors in the original private placement related to these warrants."
Prior to this amendment, each Warrant entitled its holder to purchase one common share of the Company at an exercise price of $0.37 per share (other than 129,019 Warrants held by insiders of the Company exercisable at $0.55 per share). The Expiry Date of the Warrants is March 14, 2014, which date may be reduced to a period of 14 days (other than for the 129,019 warrants held by insiders of the company) 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 equals or exceeds $0.55. The reduced exercise period of 14 days begins seven calendar days after the tenth Premium Trading Day.
The Expiry Date is now being amended to extend it to 5:00 p.m. EST on March 31, 2015, (the "New Expiry Date"). 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 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.
Neither 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.