Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Oracle Commodity Holding Corp. (TSXV: ORCL) (OTCQB: ORLCF) ("Oracle" or the "Company") is pleased to announce the appointment of Alex Bayer as its Chief Legal Officer, to lead all legal matters for the Company, effective as of October 2, 2024.
Alex is a seasoned corporate securities lawyer with over 15 years of experience, specializing in the mining sector. He has extensive expertise in advising mining companies on a wide range of matters, including public and private financings, mergers and acquisitions, regulatory compliance, and corporate governance. Known for a deep understanding of securities laws and the unique challenges of the mining industry, Alex has successfully guided companies through complex transactions and strategic initiatives, including drafting and navigating through complex royalty agreements, while ensuring legal and regulatory requirements are met.
The Company further announces that its board of directors has approved the grant of incentive stock options (the "Options") to Mr. Bayer to acquire a total of 200,000 common shares in the capital of the Company at an exercise price of $0.085. All Options were granted pursuant to the Company's 10% rolling stock option plan (the "Plan") and are subject to the terms of the Plan, the applicable grant agreements and the requirements of the TSX-V. The Options are exercisable for a five-year term expiring October 2, 2029. The Options will vest at 12.5% per quarter for the first two years following the grant date starting on January 2, 2025.
Mr. Bayer has agreed to accrue $625 of his monthly consulting fee, which accrual shall convert into common shares of the Company at a deemed price equal to the Maximum Discounted Market Price (as such term is defined in Policy 1.1 of the TSX Venture Exchange), up to a maximum discount of 25% (the "Conversion"). The Company shall have the option to pay any accrued amounts in cash at its sole discretion. The Conversion is subject to TSX Venture Exchange Approval.
Mr. Bayer's engagement as Chief Legal Officer is through his consulting company, Bayer Law Corporation.
The Company also appoints Sara Knappe as Corporate Secretary to replace Ms. Marion McGrath. The Company would like to thank Ms. McGrath for her valuable contributions during her tenure with the Company.
About Oracle Commodity Holding Corp.
Oracle Commodity Holding Corp. is a mining royalty company spun out from Silver Elephant Mining Corp. (TSX: ELEF) in 2022.
Further information on Oracle Commodity can be found at www.oracleholding.com.
ORACLE COMMODITY HOLDINGCORP.
ON BEHALF OF THE BOARD
"Anthony Garson"
CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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