The amendment of the exercise price of the Options held by employees and key consultants, to an exercise price of $0.12 per common share (the "Option Amendment") will be submitted to the TSX Venture Exchange for approval. None of the options subject to amendment are held by directors or officers of the Company.
Prior to the receipt of TSX Venture Exchange approval, none of the Options may be exercised at the amended price.
Also, the Board of Directors has approved the issuance of 3,250,000 incentive options to directors, advisory board members and officers of the Company.
The options have been issued under the Company’s existing Stock Option Plan, have an exercise price of $0.12 and are exercisable for a period of five years.
The amendment of the exercise price of the Options and the issue of new Options is being implemented to ensure that the objectives of the Company’s stock options plan are fulfilled, including the retention of key consultants who have accepted reduced market rate for services demonstrating an acknowledgement of the need for restraint at this time and assisting in the preservation of the Company’s cash resources while maintaining a focus on the long term objectives of the Company and its shareholders.
