Health & Fitness
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Published in Health and Fitness on Thursday, May 27th 2010 at 15:40 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2010) - Fortune River Resource Corp. (the "Company") (TSX VENTURE:FRX)(FRANKFURT:RG7A) reports that it has given notice to the holders ("Holders") of non-transferable common share purchase warrants (the "Warrants") of the Company dated April 28, 2008 (and amended on February 11, 2009 and April 13, 2010) of the acceleration of the expiry date of the Warrants to July 2, 2010. The original Warrant exercise price of $0.40 per share was previously amended to $0.10 per share and the original Warrant expiry date of April 28, 2010 was previously amended to April 28, 2011.
The Notices to Holders of Warrants dated February 11, 2009 and April 13, 2010 provide that in the event that the closing price of the Company's common shares on the TSX Venture Exchange is $0.135 or more for ten consecutive trading days (the tenth such trading day being the "Determination"), the expiry date of the Warrants will be accelerated to the thirty seventh calendar day following the Determination (the "Accelerated Expiry Date"). The Company will forthwith on the Determination immediately notify the Holder of Warrants of the Accelerated Expiry Date. All Warrants not exercised by the expiration of the Accelerated Expiry Date shall be deemed cancelled without further notice to the Holder.
The Company's shares have traded at a closing price of $0.135 or more per share for a period of ten consecutive trading days for the period beginning May 12, 2010 and ending ten consecutive trading days thereafter, namely May 26, 2010. Notice has been given that the Company accelerates the date upon which the Warrants will expire from April 28, 2011 to July 2, 2010 after which time the Warrants will be void and of no value.
On behalf of the Board of Directors
Joseph A. Kizis, Jr., President and Director
Fortune River Resource Corp.
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.