Tickers: XTSX:EYC, PINX:EYCCF
Toronto, Ontario / TheNewswire / October 24, 2017 - Eyecarrot Innovations Corp (TSX-V: EYC), is pleased to announce that it has filed an application with the TSX Venture Exchange ("TSX-V") to amend the terms of certain share purchase warrants of the Company originally issued on December 2, 2016.
A total of 8,405,332 share purchase warrants were originally issued by the Company pursuant to the closing of the equity offering on December 2, 2016. Each share purchase warrant entitled the holder to purchase one common share of the company at a price of $0.25 per common share. A total of 8,405,332 of these Warrants remain outstanding as of this date and are scheduled to expire on December 2, 2018.
The Corporation is seeking the approval of the TSX Venture Exchange to reduce the exercise price of the Amended Warrants to $0.15 per share or such other price as may be acceptable to the TSX Venture Exchange. The expiry date of each warrant will remain the same, December 2, 2018. The Warrants, as amended, include an accelerated expiry provision such that the exercise period of each of the Warrants will be reduced to 30 days if for any 10 consecutive trading days during the unexpired term of such of the Warrants, the closing price of the Corporation's common shares exceeds the amended exercise price by 25% or more (which would be a trading price of $0.1875 per common share or higher), with the 30-day expiry period commencing on the day the Issuer either (i) disseminates a press release or (ii) sends a written notice to the holders of the Warrants, advising of the commencement of the Exercise Period.
Currently, insiders of the Company hold approximately 13.08% of the Warrants issued pursuant to the December 2, 2016 private placement.
Certain of the Warrants are held by parties who are considered "related parties" of the Company. Therefore, the amendment of the warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions and TSX Venture Exchange Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, since the amendment applies to all of the warrants equally on a per warrant basis, and no related party will receive a collateral benefit in connection with the amendment, the restrictions imposed under Multilateral Instrument 61-101 and TSX Venture Exchange Policy 5.9 do not apply to the amendment.
Eyecarrot's BinoviTM platform is an innovative healthcare technology solution that integrates software, hardware, data and expert knowledge. Our platform helps Optometrists treat vision issues with in-office therapy as well as doctor led home based activities to better serve and increase the patient's experience and their therapy needs. Our goal is to help transform vision performance for the 1 in 4 people worldwide that suffer from vision-related issues going beyond visual acuity. With Binovi, we are transforming how vision healthcare services are delivered, while addressing key challenges in our healthcare system. Together, we aim to help the Optometrist and their team diagnose, treat and prevent vision related issues. We are building an unparalleled network that will revolutionize human vision performance, and release the untapped potential of millions of people.
President | CEO
Telephone: 1.855.416.7158 - 416.943.6271
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations, and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
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.
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