The company issued a corporate update on April 17, 2026 outlining two related developments that affect its capital structure and regulatory disclosures. Leocor Mining Inc. announced that an aggregate of 26,231,040 share purchase warrants originally issued in connection with its March 26, 2026 unit private placement have been exercised, producing aggregate gross proceeds of $2,623,104. In parallel, an investor in the company, Planet Ventures Inc., filed an Early Warning Report under National Instrument 62-103 and National Instrument 62-104 following a specific warrant exercise that altered its beneficial ownership percentage.
These two items — the blanket warrant conversions and the regulatory filing — are related but distinct: one is a financing event, the other a disclosure triggered by ownership thresholds.
Leocor described the exercised instruments as Warrants, meaning each entitled its holder to acquire one common share upon payment of the specified exercise price. The aggregate exercise raised working capital for the issuer and completed a tranche of financing tied to the March 26, 2026 private placement. The company emphasized that the proceeds were received in cash from holders converting their rights into common stock. At the same time, an individual investor’s conversion activity required the filing of the Early Warning Report because it approached a regulatory ownership threshold that mandates public disclosure in Canada.
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Warrant exercise specifics and financial impact
In detail, the total of 26,231,040 exercised warrants were processed and converted into common shares, yielding $2,623,104 in gross proceeds for Leocor. These securities flowed from the unit private placement originally completed on March 26, 2026. Of the exercising group, Planet Ventures converted 7,231,040 warrants at an exercise price of $0.10 per warrant on April 14, 2026, a transaction that both increased Leocor’s cash position and changed the distribution of outstanding shares. The company reaffirmed that the exercise mechanism simply replaced outstanding options with equity while adding immediate liquidity that can support ongoing exploration and corporate activities.
Ownership shift, outstanding warrants and the blocker provision
Following Planet Ventures’ exercise, the investor now beneficially owns 46,086,123 common shares, which represents 19.95% of the company’s total of 230,963,442 common shares issued and outstanding after the transaction. Planet Ventures also retains 12,768,960 additional warrants that, if converted, could increase its stake further. However, those remaining instruments carry a contractual blocker provision specifying that Planet Ventures may not exercise any warrants to the extent such exercise would result in beneficial ownership in excess of 20% of Leocor’s issued and outstanding common shares at the time of exercise. This mechanism is a common corporate control safeguard designed to prevent any single investor from unintentionally surpassing prescribed ownership caps without advance disclosure or additional approvals.
How the blocker provision functions
The blocker provision operates by evaluating the would-be ownership percentage post-exercise and refusing execution of exercise rights that would push the holder past the specified threshold. In practice, Planet Ventures can exercise warrants up to the point where its post-exercise ownership equals but does not exceed 20%. Any remaining warrants are therefore effectively suspended until circumstances change — for example, if the total share count is adjusted or the holder reduces its stake. This contractual limit protects both the company and other shareholders from sudden, unpublicized shifts in control and ensures compliance with applicable take-over bid and insider reporting regimes.
Regulatory filings, contacts and forward-looking statements
The investor’s filing of an Early Warning Report under NI 62-103 and NI 62-104 will be available on SEDAR+ at www.sedarplus.ca under Planet Ventures’ profile. For further details regarding that filing, the release provides contact information for Etienne Moshevich, Chief Executive Officer of Planet Ventures, at [email protected] and by telephone. Leocor also lists corporate contact details: Alex Klenman, Chief Executive Officer, at [email protected] and by telephone to address investor questions. The company reiterated the usual securities law caution: certain statements about intended use of proceeds and planned corporate actions are forward-looking statements that rely on assumptions and are subject to risks that may cause actual outcomes to differ.
Compliance and distribution limits
Leocor reminded readers that the announced transactions do not constitute an offer to sell securities in jurisdictions where offers would be unlawful, and that the securities mentioned have not been registered under the U.S. Securities Act of 1933 for sale within the United States. The news release also notes that the Canadian Securities Exchange and its Regulation Services Provider do not accept responsibility for the adequacy or accuracy of the release. Interested parties should consult the Early Warning Report on SEDAR+ or contact the individuals named for precise details and confirmations.
