Of the total 700,000 director and employee options, 125,000 options were granted pursuant to a management agreement dated
Pursuant to this Agreement the Company grants a further 375,000 options to a director which options are subject to vesting provisions at a rate of 125,000 shares every three months. Quarterly vesting will begin from the date that performance conditions stipulated in the agreement are met.
Separately, a balance of 200,000 director and employee options are granted to employees of the company under the same terms outlined in the opening paragraph. The options are granted pursuant to the Company's Stock Option Plan and will be subject to applicable regulatory hold periods.
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