Refined Energy Corp. Expands Warrant Expiry Date for Holders

Refined Energy Corp. Extends Warrant Expiry Date

Refined Energy Corp. (CSE: RUU; OTC: RFMCF; FRA: CWA0) has made a significant announcement regarding its outstanding common share purchase warrants. Starting from November 15, 2024, the expiry date of a total of 2,598,335 warrants will be extended by a full year. Originally set to expire on November 29, 2024, these warrants will now have an expiry date of November 29, 2025. This change is officially known as the Warrant Amendment.

Understanding the Warrant Amendment

The warrants in question were initially issued on November 29, 2021, through a private placement at a price of $0.12 per unit. Each unit comprised one common share of Refined Energy Corp. and a share purchase warrant, giving holders the right to buy shares at $0.15 until what was initially the original expiration date of November 29, 2023. In a previous development in November 2023, this expiration date was already extended to November 29, 2024. Now, with the recent amendment, shareholders have an extended opportunity until November 29, 2025, to exercise these warrants.

Implications for Shareholders

This amendment provides warrant holders ample time to explore their options regarding the exercise of the warrants and to potentially increase their stake in the company's equity. After two consolidations of the company’s securities—one on June 30, 2022, and another on February 15, 2024—the exercise price of the warrants currently stands at $0.60 per share. The management views this as a strategic step to enhance shareholder value by encouraging participation in ownership through exercised options.

Supporting Stakeholders

Noteworthy holders of these warrants include two insiders from Refined Energy Corp., specifically the Chief Executive Officer, Mark Fields, and Chief Financial Officer, Eli Dusenbury, who holds a stake through a corporation he controls. Together they hold a total of 35,833 warrants, which positions them uniquely in regard to the company's direction and performance with respect to the warrants.

Compliance with Regulations

Given the involvement of these insiders, the Warrant Amendment falls under the classification of a "related party transaction" according to the Multilateral Instrument 61-101. The company has opted to rely on exemptions that mitigate formal valuation and minority approval requirements, as the market value concerning insiders remains below 25% of the overall market capitalization of the company. Regardless, the proposal for extending the expiry was unanimously endorsed by the board, although Mr. Fields abstained from the vote due to his interests.

About Refined Energy Corp.

Refined Energy Corp. is a junior mining firm that has concentrated its efforts on discovering, evaluating, and acquiring mineral property interests throughout North America. Besides its primary focus on the Dufferin Project, the company has also secured an option to potentially acquire a 100% interest in the Basin and Milner uranium properties located in Saskatchewan, thus diversifying its asset portfolio. As it looks ahead, Refined Energy continues to assess a variety of mineral properties across North America for possible acquisition, enhancing its growth opportunities within the sector.

Contact Information

For more information or inquiries regarding the recent changes, you may reach Refined Energy Corp. at:

Phone: (604) 398-3378
Email: Info@refinedenergycorp.com

Frequently Asked Questions

What is the new expiry date for the warrants?

The new expiry date for the warrants is November 29, 2025, following the amendment.

Why was the expiry date extended?

The extension was made to give warrant holders additional time to participate in equity ownership and to allow the company to benefit from potential warrant exercises.

Who are the insider holders of the warrants?

Mark Fields, the CEO, holds 21,250 warrants, and Eli Dusenbury, the CFO, holds 14,583 warrants through his controlled corporation.

How does this amendment affect current shareholders?

This amendment benefits current shareholders by widening the time frame to make decisions on exercising their warrants.

What steps were taken to comply with regulations regarding the amendment?

The amendment is categorized as a related party transaction, and the company relied on exemptions from formal valuation and minority approval because the value involved was below 25% of the company's market capitalization.

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