Sandspring Resources Announces Launch of Early Warrant Incentive Program
SANDSPRING RESOURCES LTD. (SSP: TSX-V) ("Sandspring" or the "Company") is pleased to announce a warrant incentive program (the "Program") designed to encourage the early exercise of up to 8,682,131 of its outstanding unlisted warrants (the "Warrants"), which excludes any Warrants held by insiders of the Company. The Warrants are currently exercisable at a price of $0.50 per share until November 24, 2012. The Company is offering an inducement of an additional 0.08 of a common share per Warrant (the "Incentive Shares") to each Warrant holder that exercises its Warrants during a 30 calendar day early exercise period (the "Early Exercise Period"), that will commence tomorrow, Tuesday February 23, 2010, at 9:00 a.m. (Toronto time) and expire on Thursday March 25, 2010 at 5:00 p.m. (Toronto time) (the "Early Exercise Expiry Date"). The Company also intends to issue Incentive Shares to each previous holder of Warrants that has exercised Warrants to-date, resulting in additional Incentive Shares being issued to previous holders of an aggregate of 794,371 Warrants. The Incentive Shares will be subject to a four month hold period from the date of issuance.