Through the exercise of warrants, Cominco Resources International (TSE) is expecting to receive proceeds of about $29 million to fund ongoing work on its major projects. These will include the Quebrada Blanca copper project and Lobo gold mine project in Chile, and the Mariquita copper project in Mexico. Parent company Cominco (TSE) holds 19 million of the 32.37 million warrants currently outstanding. The major will exercise its own warrants, and it has also agreed to exercise those transferred to it that remain outstanding and unexercised prior to their expiry.
A meeting of warrant holders is planned for May to obtain approval to amend the warrant indenture under which the warrants were issued. The transaction is also subject to regulatory and court approvals.
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