179,906,090 Warrants Tendered for Cancellation
Hamak Strategy Limited (LSE: HAMA / OTCQB: HASTF), a company combining advanced gold exploration in West Africa with a disciplined Digital Asset Treasury Management strategy, is pleased to announce the successful closure and final result of its voluntary warrant exchange offer announced on 13 July 2026 (the “Warrant Exchange Offer” or the “Offer”).
Valid elections were received in respect of 179,906,090 Eligible Warrants, exceeding the Offer’s 100,000,000 minimum condition by 79,906,090 Eligible Warrants, or approximately 79.9%. At the one-for-five exchange ratio, the Company expects to issue 35,981,218 new ordinary shares, reducing the potential ordinary shares represented by the surrendered warrants by 143,924,872, or 80%, subject to final verification, cancellation, admission and customary settlement mechanics.
Highlights
· The Warrant Exchange Offer has closed successfully, with 179,906,090 0.8p Eligible Warrants tendered for surrender and cancellation.
· Final acceptances exceeded the 100,000,000 minimum threshold by 79,906,090 Eligible Warrants, equivalent to approximately 79.9%.
· At the one-for-five exchange ratio, the Company expects to issue 35,981,218 new ordinary shares.
· No Director or PDMR has accepted the cancellation offer, based on their individual and collective belief in the immediate and longer term prospects for the Company.
· The exchange removes 143,924,872 potential ordinary shares from the surrendered warrant pool – an 80% reduction – materially simplifying Hamak’s capital structure and reducing the perceived warrant overhang.
Final Offer results
| Term | Final result |
| Offer status | Closed. |
| Final elections | 179,906,090 0.8p Eligible Warrants tendered for surrender and cancellation. |
| Minimum condition | Exceeded by 79,906,090 Eligible Warrants, or approximately 79.9%. |
| Capital structure impact | 35,981,218 new ordinary shares at the one-for-five ratio; 143,924,872 fewer potential shares, an 80% reduction. |
Mike Murphy, Chief Strategy Officer and Executive Director of Hamak, commented:
“This is an outstanding result for Hamak and a strong endorsement of the Board’s decision to listen to shareholders and act decisively. Almost 180 million warrants have been tendered for cancellation, 79.9% above the minimum threshold. Through the one-for-five exchange, approximately 36.0 million new shares will replace that potential issuance, removing approximately 143.9 million shares of potential future dilution from the surrendered warrant pool.
“This materially strengthens and simplifies Hamak’s capital structure, gives investors greater clarity and allows the market to focus more fully on the value being created through the Akoko Gold project, our wider West African gold portfolio and our disciplined Bitcoin treasury strategy. I thank participating warrant holders and shareholders for their strong support; Hamak is now better positioned to move forward with confidence.”
Admission and next steps
The Company will now complete the final administrative verification of elections and arrange for the cancellation of the 179,906,090 Eligible Warrants and the issue of 35,981,218 new ordinary shares in accordance with the terms of the Offer. A further announcement will be made confirming admission, the updated total voting rights and the residual warrant position once processing has been completed.
Application will be made, as appropriate, for the 35,981,218 new ordinary shares to be admitted to trading on the London Stock Exchange. The new ordinary shares, when issued, will rank pari passu with the Company’s existing ordinary shares.
For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of Hamak is Karl Smithson, CEO and Executive Director.