RESTON, Va., Oct. 31 /Xinhua-PRNewswire-FirstCall/ -- Emerald Dairy
Inc. (OTC Bulletin Board: EMDY) announced today that the Company has
extended the terms of its offer to existing warrant holders to exercise
their warrants on amended terms. The offer to exercise the warrants on
amended terms was scheduled to expire on October 31, 2008, but has been
extended by the Company until November 21, 2008. If all of the Company's
outstanding warrants to purchase approximately 8.0 million shares are
exercised according to the amended terms, the Company should receive funds
for approximately $16.9 million. To date, two warrant holders have
exercised their warrants for 180,000 shares under the amended terms. A
number of others have indicated a desire to exercise, but have not provided
all of the necessary documentation in order to do so. The Company expects
to apply the proceeds from the exercise of warrants toward the cost of
constructing a new production facility.
Amended terms, originally offered on April 24, 2008, include the following:
-- With respect to the 373,344 warrants having an exercise price of
$0.94 per share, a holder accepting the offer may exercise some or
all of the warrants at $0.75 per share of Common Stock;
-- With respect to the 1.3 million warrants having an exercise price of
$1.50 per share, a holder accepting the offer may exercise some or all
of the warrants at $1.20 per share of Common Stock;
-- With respect to the 1.4 million warrants having an exercise price of
$2.04 per share, a holder accepting the offer may exercise some or all
of the warrants at $1.63 per share of Common Stock; and
-- With respect to the 4.9 million warrants having an exercise price of
$3.26 per share, a holder accepting the offer may exercise some or all
of the warrants at $2.61 per share of Common Stock.
Warrant holders with questions or concerns regardin
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