MineralRite says investor exercises warrants for 6,900,000 preferred shares
RITE•MineralRite said an investor exercised warrants for 6.9 million Series NMC Preferred shares and 53,500 Series D Preferred shares. A concurrent repurchase reduced potential common dilution by about 2 billion shares; the company used a $106.7 million promissory note, and received no cash proceeds.
1. Warrant exercises and repurchase
MineralRite completed an integrated transaction tied to the irrevocable exercise of warrants for 6.9 million Series NMC Preferred shares. Abstract also irrevocably exercised warrants for 53,500 Series D Preferred shares, which will be issued when authorized and available. A concurrent repurchase of about 3.9 million outstanding Series NMC Preferred shares reduced potential common dilution by about 2 billion shares. MineralRite used a $106.7 million promissory note to fund the cashless exercises and received no cash proceeds.
