Tombill Mines grants options to acquire 5.4 M shares Tombill Mines grants options to acquire 5.4 M shares
2024-09-18 20:05 ET - News Release
Mr. Adam Horne reports
TOMBILL MINES ANNOUNCES GRANT OF STOCK OPTIONS
Tombill Mines Ltd. has granted options to purchase an aggregate of 5.4 million common shares of the company to certain directors, officers and consultants. The stock options are exercisable at a price of five cents per share, expiring five years from the date of grant.
Ten per cent of the stock options vest immediately, 15 per cent of the stock options vest on first anniversary of the grant date, 33 per cent of the stock options vest on second anniversary of the grant date and 42 per cent of the stock options vest on the third anniversary of the grant date.
The aforementioned issuance of stock options resulted in certain directors and officers of the company receiving an aggregate of 5.15 million stock options of the company. The company has relied on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, contained in Section 5.5(b) and 5.7(a) of MI 61-101 in respect of such insider participation.
The stock options described above and the shares underlying the stock options are subject to a four-month-and-one-day hold period from the date of grant in accordance with applicable Canadian securities laws.
About Tombill Mines Ltd.
Founded 1935, by Newmont Mining and prospectors' Tom Johnson and Bill Johnson, Tombill owns two of the 11 current plus past-producing mines in the Geraldton gold district, four claim groups, of which three are situated in the Geraldton gold district of north-central Ontario (about 225 kilometres NE (northeast) of Thunder Bay). The company's main group patents borders on the Greenstone mine, which according to Equinox will be Canada's third-largest gold mine by annual production and its highest grading open pit mine. Holdings comprise 74 royalty-free mining claims (60 fully owned patented claims, five leases, nine mineral rights only). The Tombill gold mine produced 68,737 high-grade gold ounces between 1938 and 1942 in the southeast corner of those patented group. The Talmora Longlac mine, located in the northeast of the Main Group property, was built in 1941, but saw only minor production before closing in 1942 (1,406 gold oz).
© 2024 Canjex Publishing Ltd. All rights reserved.