VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/14/14 -- Elgin Mining Inc. ("Elgin Mining" or the "Company") (TSX: ELG) announced today that it is accelerating the expiry date of the 12,279,166 outstanding common share purchase warrants ("Warrants") of the Company issued on September 13, 2013 to August 26, 2014 (the "Accelerated Expiry Date"). This news release constitutes notice to the holders of Warrants that any unexercised Warrants outstanding at or after 5:00 p.m. Eastern Daylight Time (the "Expiry Time") on the Accelerated Expiry Date will expire without any further notice or action.
Under the terms of the Warrants, the Company has the right to accelerate the expiry date of the Warrants in the event the closing price of the common shares of the Company (the "Common Shares"), as quoted on the Toronto Stock Exchange ("TSX"), is greater than $0.30 on any twenty consecutive trading days. Upon the issuance of a news release by the Company announcing the acceleration of the expiry date, the Warrants will expire at the close of the 30th business day after the date of such news release. Effective at market close on July 11, 2014, the closing price of the Common Shares, as quoted on the TSX, for each of the past 20 consecutive trading days has exceeded $0.30 per Common Share.
Each Warrant is exercisable to purchase one Common Share at a price of $0.20 per Common Share. If all of the Warrants are exercised prior to the Expiry Time on the Accelerated Expiry Date, the Company will receive proceeds of approximately $2.46 million.
Elgin Mining Inc.
Elgin Mining is a Canadian based company focused on production at the Bjorkdal gold mine in Sweden. In addition, Elgin Mining's portfolio includes the Lupin and Ulu gold projects located in Nunavut, Canada.
For further information, please visit the Company's web site at www.elginmining.com.