Boron One's Early Warrant Exercise Incentive Program: A Resounding Success

Boron One Holdings Inc. (TSXV: BONE) has announced the successful closing of its early warrant exercise incentive program, a strategic move that has significantly bolstered the company's working capital and overall financial health. The program, which was launched on February 7, 2024, and closed on March 11, 2024, offered attractive incentives to warrant holders, encouraging them to exercise their warrants and inject much-needed capital into the company.

The program's success can be attributed to several key factors:

1. Attractive Incentives: Boron One offered additional warrants (Incentive Warrants) to holders who exercised their Eligible Warrants during the early exercise period. These Incentive Warrants had an attractive exercise price of $0.15, subject to acceleration if the stock price reached certain levels. This incentive proved to be a powerful motivator for warrant holders, encouraging them to participate in the program.
2. Repricing of Warrants: The board of directors of Boron One determined it to be in the best interests of the Corporation to reprice the Tranche 1 and Tranche 2 warrants from the current exercise price of $0.30 and $0.15 respectively per share of common stock to C$0.09 per Warrant Share. This repricing made the warrants more attractive to holders, further encouraging them to exercise their warrants.
3. Clear Communication: Boron One effectively communicated the details of the program, including the early exercise period, the repricing of warrants, and the benefits of participating in the program. This clear communication helped to generate interest and participation in the program.
4. Timing: The program was launched at a time when the company was seeking to raise funds for general working capital, which aligned with the interests of both the company and the warrant holders.
5. Market Conditions: The program was launched when the stock price was relatively low, making the repriced warrants more attractive to holders.

As a result of the program, the holders exercised 3,933,363 Eligible Warrants for proceeds of $354,002.67, which was used for general working capital. Participating holders were also issued 3,933,363 additional common share purchase warrant (an "Incentive Warrant"), further incentivizing them to exercise their warrants.

The success of the early warrant exercise incentive program has had a positive impact on Boron One's working capital and overall financial health. The proceeds generated from the program have strengthened the company's liquidity position, while the issuance of Incentive Warrants has provided additional capital and bolstered the company's financial health.

In conclusion, Boron One's early warrant exercise incentive program was a resounding success, thanks to the company's strategic approach, attractive incentives, clear communication, and favorable market conditions. The program has not only raised much-needed capital for the company but has also strengthened its financial position and working capital, setting the stage for future growth and success.