Boron One Announces Early Warrant Exercise Incentive Program

VICTORIA, BC / ACCESSWIRE / May 6, 2024 / Boron One Holdings Inc. ("Boron One" or the "Company") (TSXV:BONE), is pleased to announce the implementation of a warrant exercise incentive program (the "Program") intended to encourage the exercise of up to 10,626,000 unlisted common share purchase warrants of the Company (the "Eligible Warrants") which were issued as part of the Company's private placement which closed on January 25, 2023. Each Eligible Warrant is exercisable for one common share of the Company (each a "Common Share") at a price of $0.05 per Common Share.

To the extent that holders of Eligible Warrants take advantage of the opportunity to exercise their Eligible Warrants early, this will fund working capital purposes. Eligible Warrants that remain unexercised following the completion of the Early Exercise Period (defined below) will continue to be exercisable for Common Shares on the original terms as they existed prior to the Program.

The Program is subject to approval from the TSX Venture Exchange (the "Exchange") and is subject to the receipt of all final regulatory approvals, including final approval of the Exchange. The number of Eligible Warrants to be exercised by insiders of the Company is limited to no more than 10% of the total Eligible Warrants, being 10,626,000 Eligible Warrants, and the Company will issue no more than 1,062,600 Incentive Warrants to insiders under the Program. Insiders presently hold 10.35% of the Eligible Warrants.

Summary Information about Warrant Incentive Program

Pursuant to the Program, the Company is offering an inducement to each holder of Eligible Warrants ("Warrant Holders") that exercises Eligible Warrants during an early exercise period (the "Early Exercise Period") consisting of one new Warrant (the "New Warrant") in addition to the common share subscribed for. Each New Warrant is exercisable at $0.07 for 30 months, subject to the right of the Corporation to accelerate expiry upon 30 days' notice if the shares of the Corporation trade on the TSX Venture Exchange at or above $0.15 for a period of 10 days.

The Early Exercise Period will commence two weeks after receipt of TSX Venture Exchange conditional approval and run for 2 weeks. A follow up press release will be issued. The Incentive Warrants and any Common Shares issuable on the exercise thereof will be subject to a four-month hold period from the date of issuance of the Incentive Warrants pursuant to applicable Canadian securities laws.