Callinan Mines seeks to amend warrant terms of 2006 placement of units

By Devika Patel

Knoxville, Tenn., Oct. 26 - Callinan Mines Ltd. said it wants to extend the expiration and adjust the strike price of the outstanding warrants it issued in a private placement conducted in two tranches, which closed on Nov. 2, 2006 and Dec. 19, 2006.

Callinan wants to lower the warrants' strike price to C$1.25 from C$1.50 and extend their expiration by one year. The warrants issued in the first tranche, exercisable for up to 1,129,250 common shares, originally were issued with a Nov. 2, 2007 expiry. The warrants issued in the second tranche, exercisable for up to 35,000 common shares, originally were issued with an expiry date of Dec. 19, 2007.

The C$7.05 million deal, which priced on Sept. 19, 2006, consisted of 3.8 million flow-through units at C$1.25 per unit and 2 million non flow-through units at C$1.15 per unit. Each unit consisted of one share and one fourth-share warrant.

Callinan is a mining company based in Vancouver, B.C., with mineral properties in Manitoba and Saskatchewan.

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