Elixxer Announces Amendment to Stock Option Plan and ..
Elixxer Announces Amendment to Stock Option Plan and the Cancellation of Certain Options MONTRAL, Aug. 19, 2020 (GLOBE NEWSWIRE) -- Elixxer Ltd. (TSX-V: ELXR) (OTC-QB: ELIXF) (FRA: 2LQA) (Elixxer or (the Company) announces that it has amended its stock option plan (the Plan) to increase the number of common shares that may be issued thereunder. The Plan is a fixed stock option plan, and the amendment increases the number of common shares reserved for issuance under the Plan from 83,331,796 to 112,101,606, being 20% of the Companys issued and outstanding common shares as of the date hereof. The amendment to the Plan is subject to the approval of (i) the TSX Venture Exchange and (ii) the Companys shareholders which approval will be sought at the Companys annual and special meeting of shareholders scheduled for September 22, 2020. The Corporation also announces that it and certain insiders and consultants of Elixxer have agreed to cancel an aggregate of 16,800,000 stock options held by the optionees. The cancelled options include (i) 7,500,000 options granted on December 8, 2017 with an exercise price of $0.36 and an original expiry of December 8, 2027 and (ii) 9,300,000 options granted on April 16, 2018 with an exercise price of $0.16 and an original expiry of April 16, 2023. All of the cancelled options were voluntarily surrendered to the Corporation for no consideration. In addition to the cancelled options, 8,850,000 options have expired as the holders thereof are no longer eligible participants under the Plan. Following the cancellations and expirations, the Corporation has a total of 43,150,803 stock options currently issued and outstanding under the Plan. https://web.tmxmoney.com/article.php?newsid=8075349799552852&qm_symbol=ELXR