26 June 2023
Toronto, Ontario, June 26, 2023 – New Break Resources Ltd. (“New Break” or the “Company”) (CSE: NBRK) announces that, further to its news release of June 8, 2023, the Company has successfully completed its common share purchase warrant (“Warrants”) exercise incentive program (the “Incentive Program”).
Pursuant to the Incentive Program, holders of certain Warrants with an exercise price of $0.15 (the “Subject Warrants”) and expiring on June 23, 2023 (the “Expiry Date”) who exercised part or all of their Subject Warrants on or prior to the Expiry Date, would be granted one common share purchase warrant (each an “Incentive Warrant”) for each exercised Subject Warrant. Each Incentive Warrant entitles the holder thereof to acquire one common share (an “Incentive Warrant Share”) of the Company at a price of $0.20 per common share for a period of thee (3) years from the date of issuance. The Incentive Warrants are subject to an acceleration clause, whereby if the closing price of the common shares of the Company on the Canadian Securities Exchange (the “CSE”) is equal to $0.40 or higher for five non-consecutive trading days, over a 365-day period, the Company may accelerate the expiry of the Incentive Warrants to the date that is 20 business days from the date of the issuance of a news release by the Company announcing the exercise of the acceleration right. The Subject Warrants which remained unexercised as at end of the Expiry Date have expired and no further Incentive Warrants will be issued.