Distinction Energy Corp. (formerly named Delphi Energy Corp.) announces amendment and exercise of warrants issued to Kiwetinohk Resources Corp. and related amendments to Investor Agreement and Management Services Agreement

CALGARY, Alberta, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Distinction Energy Corp. (formerly named Delphi Energy Corp.) (“Distinction” or the “Company”) announces that, effective January 15, 2021, the warrant certificate representing 3,348,799 class A common share purchase warrants of the Company (the “Warrants”) issued to Kiwetinohk Resources Corp. (“KRC”) was amended and restated to, among other things, facilitate an early exercise of the Warrants, which KRC exercised on January 15, 2021 at an aggregate exercise price of $40 million. As a result of the exercise, KRC acquired 3,348,799 class A common shares in the capital of the Company (“Common Shares”), resulting in KRC owning 4,870,980 Common Shares, representing 50% plus 1 of the issued and outstanding Common Shares on a fully diluted basis (excluding Common Shares issuable upon exercise of the existing stock options of the Company (“Options”)). Read More

from Financial Post https://ift.tt/2Kid4Sw