RE:Having Mumford on BODAgreed. At 13% of the shares, he is the largest shareholder. The only thought at this point is why now and not six months ago right after the financing? Its obvious he should be on the board.
Mr. Munford has demonstrated his strong support of the Company's long term strategic goals as the lead investor in private placements announced in May 2022 and June 2023. Mr. Munford is the Company's largest individual shareholder, and owns, directly and indirectly, an aggregate of 36,068,890 common shares, representing approximately 13% of the outstanding common shares (calculated on an undiluted basis), and 25,178,570 warrants. It does allieviate concerns of potential consolidation (in part) but there's nothing like insider buying (those who get free shares) at these levels to remedy this.
Equity Incentive Compensation is perhaps too generous here.
Does it align with past and future share price performance?
Case in point, past year has been a total disaster.
Reward for shareholders has been dilution.
Grant of Equity Incentive Compensation
Pursuant to the Company's Omnibus Equity Incentive Compensation Plan, an aggregate of Options to purchase 1,177,291 common shares were granted, with an exercise price of $0.07 per common share. The stock options have a term of five years and vest over a 48-month period. The Company also granted an aggregate of 4,104,232 RSUs, vesting in equal portions over a three-year term and 2,861,796 PSUs vesting in equal portions over a two-year term in accordance with certain peer group share price performance criteria for the 2024 calendar year established by the board of directors of the Company.
Each PSU and RSU entitles the holder thereof to receive either one common share, the cash equivalent of one common share or a combination of cash and common shares, as determined by the Company.
The granting of these Options, PSUs and RSUs is subject to TSX Venture Exchange approval.