Rand Logistics Extends Deadline to Exercise Public Warrants at $4.50 until July 13, 2007
09 Julho 2007 - 7:25PM
Business Wire
Rand Logistics, Inc. (NASDAQ: RLOG, RLOGW, RLOGU) today announced
that the deadline to exercise its outstanding, publicly traded
warrants (�Warrants�) at the previously announced $4.50 exercise
price (instead of the $5.00 exercise price provided by the original
terms of the Warrants) has been extended until 5:00 p.m. eastern
time on July 13, 2007 (the "Extended Expiration Time"). Rand
determined to extend the deadline for exercises in order to
accommodate the exercise by a limited number of Warrantholders who
experienced difficulties effectuating the exercise of their
Warrants. Any and all Warrants properly exercised in accordance
with the terms of the Warrants prior to the Extended Expiration
Time will be accepted by Rand at the reduced exercise price, and
one share of registered common stock per Warrant will be issued to
the exercising Warrantholder. After the Extended Expiration Time,
the $5.00 exercise price included in the original terms of the
Warrants will be reinstituted. Except for the reduced exercise
price of the Warrants prior to the Extended Expiration Time, the
terms of the Warrants remain unchanged. The reduced exercise price
applies to all of Rand's currently outstanding publicly traded
Warrants, including those Warrants still included as part of the
units issued in Rand's initial public offering. Holders of Warrants
that desire to exercise their Warrants should contact their brokers
and instruct them to effectuate an exercise of the Warrants prior
to the Extended Expiration Time. As of July 9, 2007, approximately
4,000,000 of the 9,200,000 Warrants originally issued by Rand had
been exercised. Rand's Warrants, common stock and units are listed
on the Nasdaq Capital Market under the symbols RLOGW, RLOG AND
RLOGU, respectively. On July 6, 2007, the last reported sale prices
of the Warrants, common stock and units were $1.79, $6.49 and
$11.65, respectively. Rand recommends that Warrantholders obtain
current market quotations for Rand's securities before deciding
whether or not to exercise their Warrants. Approximately 1,571,349
of the Warrants are held by individuals, or affiliates of
individuals, who are officers, directors, employees or consultants
of Rand. Each such officer, director, employee and consultant has
agreed not to exercise his Warrants prior to the Extended
Expiration Time. While Rand considers acquisition and other
investment opportunities on a regular basis, Rand does not
presently have any contemplated specific use for the proceeds of
any Warrant exercises, other than for general working capital
purposes. RAND'S BOARD OF DIRECTORS HAS APPROVED THE WARRANT
EXERCISE PRICE REDUCTION. HOWEVER, NEITHER RAND NOR ANY OF ITS
DIRECTORS, OFFICERS OR EMPLOYEES MAKES ANY RECOMMENDATION AS TO
WHETHER TO EXERCISE WARRANTS. EACH HOLDER OF A WARRANT MUST MAKE
ITS OWN DECISION AS TO WHETHER TO EXERCISE SOME OR ALL OF ITS
WARRANTS. The information above does not constitute an offer to buy
or exchange securities or constitute the solicitation of an offer
to sell or exchange any securities in Rand. About Rand Logistics
Rand Logistics, Inc. is a leading provider of bulk freight shipping
services throughout the Great Lakes region. Through its
subsidiaries, the Company operates a fleet of eleven self-unloading
bulk carriers, including nine River Class vessels and one River
Class self-unloading tug/barge unit. The Company is the only
carrier able to offer significant domestic port-to-port services in
both Canada and the U.S. on the Great Lakes. The Company's vessels
operate under the U.S. Jones Act - which dictates that only ships
that are built, crewed and owned by U.S. citizens can operate
between U.S. ports - and the Canada Marine Act - which requires
Canadian commissioned ships to operate between Canadian ports.
Forward-Looking Statements This press release may contain
forward-looking statements (within the meaning of the Private
Securities Litigation Reform Act of 1995) concerning the Company
and its operating subsidiaries. Forward-looking statements are
statements that are not historical facts, but instead statements
based upon the current beliefs and expectations of management of
the Company. Such forward-looking statements are subject to risks
and uncertainties, which could cause actual results to differ from
the results included in such forward-looking statements.
Rand Logistics Unit 10/26/08 (MM) (NASDAQ:RLOGU)
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