Lower Option Price This is bad. What is management thinking?
ETHOS AMENDS EXERCISE PRICE OF EXISTING OPTION
Ethos Capital Corp. has amended the exercise price of an existing option to purchase 250,000 common shares of the company subject to acceptance for filing by the TSX Venture Exchange.
On June 22, 2011, a consultant of the company was granted an option to purchase up to 250,000 common shares in the capital of the company, exercisable at a price of $1.15 per share for a period of five years. Due to the reduction in the company's share price since the date of grant, and as an incentive to the optionee, the company has elected to reduce the exercise price of the existing option from $1.15 per share to 83 cents, being the closing price of the common shares of the company on the TSX Venture Exchange on Dec. 23, 2011.