07:37 AM EDT, 06/14/2024 (MT Newswires) -- First Nordic Metals ( FNMCF ) said late on Thursday lowered the exercise price of its warrants issued as part of private placements with Gold Line Resources (GLDL.V) that closed in September 2022 and April 2023.

First Nordic said it will reprice about 7.7 million outstanding warrants to $0.29 from $0.34. All other terms of the warrants remained the same.

The company also launched a warrant exercise incentive program that allows holders to exercise their warrants from Friday until July 7 in . In return, each holder will receive one share in the company plus as an incentive of one-half of a warrant. Each whole incentive warrant is exercisable at $0.40 per share for two years.

The company said it will use the proceeds from the early exercise of the outstanding warrants to advance its projects in Sweden and Finland as well as for general working capital.

The offerings were launched by Gold Line, which was acquired by First Nordic in February when it was named Barsele Minerals.