Serengeti Announces Early Warrant Exercise Incentive Program
NR: 2018-07
Serengeti Announces Early Warrant Exercise Incentive Program
Vancouver, B.C., May 22, 2018, Serengeti Resources Inc. (SIR: TSX-V) ("Serengeti" or "the Company") announces it
has received conditional TSX Venture Exchange acceptance to a warrant exercise incentive program (the "Incentive
Program") designed to encourage the early exercise of up to 3,306,000 of its outstanding unlisted warrants (the
"Warrants"). The Warrants are currently exercisable at a price of CAN$0.15 per common share (a "Share") until August
5, 2018.
The Warrants were originally issued by the Company as part of a unit private placement financing first announced o n
July 13, 2016, which closed on August 5, 2016. Pursuant to the Incentive Program, the Company is offering an
inducement to each Warrant holder that exercises their Warrants during a 20 calendar day early exercise period ("Early
Exercise Period"), by the issuance of one additional share purchase warrant for each warrant early exercised . Each
new warrant (the "Incentive Warrant") will entitle the holder to purchase one additional Share for a period of 18 months
from the date of issuance of such Incentive Warrant, at a price of CAN$0.22. The Early Exercise Period will commence
May 23, 2018 and expire June 12, 2018 (the "Early Exercise Expiry Date"). The Incentive Warrants will be subject to a
four month hold period from the date of issuance.
Warrant holders who take advantage of the opportunity to exercise their Warrants early will strengthen the Company's
current cash position and provide the Company with additional working capital to accelerate the exploration programs
intended this s ummer on its newly optioned Atty Property, located adjacent to Centerra Gold’s Kemess Underground
development and Kemess East advanced exploration projects, as well as for exploration on selected other properties.
Depending upon the number of Warrants exercised during the Early Exercise Period, the Company expects to:
receive gross proceeds of up to CAN$495,900.00 on or before the Early Exercise Expiry Date,
issue up to 3,306,000 Shares pursuant to the exercise of Warrants by holders in accordance with the original
terms of the Warrants on or before the Early Exercise Expiry Date; and
issue up to 3,306,000 Incentive Warrants to Warrant holders pursuant to the early exercis e of the Warrants on
or before the Early Exercise Expiry Date.
It is anticipated that all Warrants currently held by directors and officers of the Company will be fully exercised pursuant
to this Program. The terms and conditions of the Program and the me thod of exercising the Warrants pursuant to the
Incentive Program are set forth in a letter which is being delivered to the registered address of each eligible Warrant
holder, along with a form of warrant subscription agreement (the "Subscription Agreement") to be completed by Warrant
holders in relation to the issuance of the Incentive Warrants.
Under the terms of the Subscription Agreement, Warrant holders who wish to participate in the Incentive Program will
agree to exercise their Warrants and delive r the other necessary documents in consideration of the issuance by the
Company of the Incentive Warrants. The form of letter and Subscription Agreement will be posted on the Company's
profile on SEDAR at www.sedar.com and available on the Company's website at www.serengetiresources.com.
Holders of Warrants who elect to participate in the Incentive Program will be required to deliver to the Company at Suite
520 - 800 West Pender Street, Vancouver, British Columbia, Canada, V6C 2V6, by 4:30p.m. (Vancouver time) on or
before the Early Exercise Expiry Date, the following:
1. a duly completed and executed Subscription Agreement in the form to be provided to Warrant holders by the
Company;
2. a duly completed and executed Election to Exercise Form attached as Schedule "A" to their original Warrant
certificate;
3. their original Warrant certificate; and
4. the applicable aggregate exercise price for their Warrants, payable to the Company in Canadian Dollars by way
of certified cheque, money order, bank draft or wire transfer.
Serengeti Resources Inc.
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Any Warrants that are not exercised prior to the Early Exercise Expiry Date wil l remain outstanding and continue to be
exercisable for Shares of the Company on their current terms. The Company will not be offering incentive Warrants to
holders of Warrants who have previously exercised their Warrants, of which a total 132,300 Warrant s have previously
been exercised, nor on any Broker Warrants.
The Company may pay a finders’ fee in respect of certain exercises under the Incentive Program in accordance with
policies of the TSX Venture Exchange.
The Incentive Program is subject to the receipt of all regulatory approvals, including the final approval of the TSX
Venture Exchange.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo
President, CEO and Director
About Serengeti Resources Inc.
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record
of exploration success. The Company is currently advancing its Kwanika copper -gold project in partnership with
POSCO Daewoo Corporation an d exploring its extensive portfolio of properties in north -central British Columbia. A
number of these other projects are available for option or joint venture and additional information can be found on the
Company’s website at www.serengetiresources.com.
Cautionary Statement
This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements
other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future
plans and objectives, are forward -looking statements that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and future events and actual results could differ materially from tho se anticipated in such
statements. Important factors that could cause actual results to differ materially from our expectations as well as a compre hensive list
of risk factors are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to
whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the
statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates
change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts respons ibility for the adequacy or accuracy of this
release.
For further information, please contact Investor Relations:
Paradox Public Relations - Tel: 514-341-0408 / Toll free (in North America) 1-866-460-0408 / Email:
Serengeti Resources Inc. Suite 520 – 800 West Pender St., Vancouver, BC, V6C 2V6
Tel: 604-605-1300 / Email: [email protected] / Website: www.serengetiresources.com