Murchison Minerals Announces an Accelerated Warrant Program for Current Warrant Holders
News Release
Murchison Minerals Announces an Accelerated Warrant Program
for Current Warrant Holders
March 17th, 2022 (Burlington, ON): Murchison Minerals Ltd. (“Murchison” or the “Company”)
(TSXV: MUR, OTCQB: MURMF) is pleased to announce a warrant exercise incentive program (the
“Program“) designed to encourage the early exercise of up to 27,118,788 of its outstanding
unlisted warrants (the “ Warrants“) exercisable for common shares of the Company (“ Common
Shares“). The Warrants are currently exercisable as follows: (i) 5,000,000 Warrants at a price of
$0.12 per Common Share expiring on September 5, 2022; and (ii) 22,118,788 Warrants at a price
of $0.12 expiring on October 21, 2022.
Under the Program, the Company is offering an inducement to each Warrant holder that exercises
their Warrants prior to April 15, 2022 (the “Early Exercise Period“), by the issuance of one-half of
an additional common share purchase warrant (each whole warrant, an “Incentive Warrant“) for
each warrant early exerci sed. Each Incentive Warrant will entitle the holder to purchase one
additional Common Share until April 1 5, 2023, at a price of $0. 18. The Program will commence
March 17, 2022, at 9:00 a.m. (Toronto time) and expire on April 15, 2022, at 4:00 p.m. (Toronto
time) (the “Early Exercise Expiry Date“).
The Incentive Warrants will be subject to a four month hold period from the date of issuance.
Insider Participation:
It is expected that Mr. Donald K Johnson, Director and 30% shareholder holding 8,454,000
warrants and Mr. Troy Boisjoli, President and CEO holding 852,550 warrants, will both participate
in the Program and exercise their respective warrants in the coming days.
Proceeds:
If all of the Warrants are exercised during the Early Exercise Period, Murchison would;
• Receive gross proceeds of approximately $3,254,255 on or before the Early Exercise
Expiry Date;
• Issue approximately 27,118,788 common shares pursuant to the exercise of the
Warrants by holders in accordance with the original terms of the Warrants; and
• Issue approximately 13,559,394 Incentive Warrants to Warrant holders pursuant to the
early exercise of the Warrants on or before the Early Exercise Expiry Date.
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Terms:
The terms and conditions of the Program and the method of exercising Warrants pursuant to the
Program are set forth in a letter which will be mailed to the registered address of each Warrant
holder, will be posted on SEDAR and will be available on the Comp any’s website at
https://murchisonminerals.ca/corporate-filings-and-presentation/#financials , following the
approval of the Program by the TSXV.
Holders of Wa rrants who elect to participate in the Program will be required to deliver the
following to the Company on or prior to 4:00 p.m. (Toronto time) on April 15, 2022:
• a duly completed and executed Exercise Form, in the form which accompanies the
certificate representing the Warrants;
• the original certificate representing the Warrants being exercised; and
• the applicable aggregate exercise price payable to the Company by way of certified
cheque, money order, bank draft, or wire transfer in lawful money of Canada.
To the extent that holders of the Warrants take advantage of the opportunity to exercise their
Warrants early, this will strengthen the Company’s current cash position and provide the Company
with additional capital to meet their 2022 budgeted exploration expenses and for working capital
purposes.
The transaction is subject to the receipt of all final regulatory approvals, including the approval of
the TSXV. Any Warrants that are not exercised prior to the Early Exercise Expiry Date will remain
outstanding and continue to be exercisable for Common Shares on their existing terms.
The Warrants were originally issued by the Company as part of a unit of the Company in
connection with a private placement financing completed on March 5, 2021 and October 21, 2021.
The underlying Common Shares and Incentive Shares to be issued pursuant to the exercise of the
Warrants have not been, and will not be, registered under the U.S. Securities Act or any U.S. state
securities laws, and may not be offered or sold in the Unite d States or to, or for the account or
benefit of, United States persons absent registration or any applicable exemption from the
registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This
press release does not constitute an offer to sell or the solicitation of an offer to buy securities in
the United States, nor in any other jurisdiction.
About the HPM Project
The HPM Project is located east of the Manicouagan structure, the site of a major 215 Ma impact
event. The extensive reservoir at Manicouagan supports five hydro -power plants. The existing
Quebec Cartier rail line, located eight kilometres west of the PYC project area, links Labrador City
to Port Cartier and Sept Iles, two major iron ore port facilities.
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Figure 4: HPM Location Map
The Project is located within the Haut- Plateau de la Manicouagan area. The claims host
prospective gabbroic, ultramafic and anorthositic rock bodies within the Manicouagan
metamorphic complex and are associated with significant nickel -copper-cobalt sulphide
mineralization first identified by Falconbridge in 1999, and discovered extensive nickel -bearing
sulphide mineralization at Barre de Fer during drilling in 2001 - 2002. Pure Nickel and Murchison
Minerals Ltd.’s predecessor – Manicouagan Minerals – continued drilling in the area until 2008.
The majority of the past drilling at the HPM Project targeted the Barre de Fer geophysical
conductor and confirmed the presence of nickel -copper-cobalt sulphide mineralization over
approximately 300 metres strike length to a depth of 280 metres. The mineralization remains
open at depth and partially along strike.
After Murchison Minerals Ltd. acquired 100% ownership of the property in 2019, the Company
has focused exploration work on the camp -scale potential of the region. Aerial E M surveys
completed in the spring of 2021 identified more than 50 anomalous conductors. Prospecting
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MURCHISON MINERALS LTD. NEWS RELEASE
crews were able to traverse five of the more than 50 anomalies and discovered new outcrops of
nickel-bearing sulphide mineralization in the process. The prospecting program was followed by
an inaugural drill program at the PYC target area – an EM anomaly with a 1.95 km strike length.
Subsequent to the completion of the drill program at PYC, the Company increased its dominant
land position in the Haut-Plateau region from 139 km2 to 576 km2.
Qualifying Statement
The foregoing scientific and technical disclosures on the HPM Project have been reviewed by
John Shmyr, P.Geo ., VP Exploration, a registered member of the Professional Engineers and
Geoscientists of Saskatchewan and current holder of a special authorization with the Ordre des
Géologues du Québec. Mr. Shmyr is a Qualified Person as defined by National Instrument 43-101.
About Murchison Minerals Ltd. (TSXV: MUR)
Murchison is a Canadian‐based exploration company focused on nickel -copper-cobalt
exploration at the 100% - owned HPM Project in Quebec and the exploration and development of
the 100% - owned Brabant Lake zinc‐copper‐silver project in north‐central Saskatchewan. The
Company also holds an option to earn 100% interest in the Barraute VMS exploration project also
located in Quebec, north of Val d’Or. Murchison currently has 160.1 million shares issued and
outstanding.
Additional information about Murchison and its exploration projects can be found on the
Company’s website at www.murchisonminerals.ca . For further information, please contact:
Troy Boisjoli, President and CEO or
Erik H Martin, CFO
Tel: (416) 350‐3776
CHF Capital Markets
Thomas Do, IR Manager
Tel: (416) 868-1079 x 232
Forward‐Looking Information
Certain information set forth in this news release may contain forward‐looking information that involves substantial known an d unknown risks and
uncertainties. This for ward‐looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Compa ny,
including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are
cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of pre paration, may prove to be
imprecise and, as such, undue reliance should not be placed on forward‐looking information. The parties undertake no obligation to update forward‐looking
information except as otherwise may be required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.