Correction from Source Giyani Confirms the Share Price for the Stock Options should be $0.53 per Share
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TORONTO, April 22, 2021 (GLOBE NEWSWIRE) -- Giyani Metals Corp. (TSXV:EMM, GR:A2DUU8) ("Giyani" or the "Company") announces that, further to its press release on April 21, 2021, that the pricing of each of the granted stock options (each an “Option”) is exercisable into one common share (a “Share”) of the Company at a price of $53 per Share. This value was in error and the correct exercise price is $0.53 per Share. All other details in the press release dated April 21, 2021 below remain the same.
The Company announced on April 21, 2021 the granting of Options under its existing Stock Option Plan. Giyani also announced that the board of directors of the Company has adopted a restricted share unit plan (“RSU Plan”) and has conditionally issued restricted share units (each an “RSU”) under the new RSU Plan.
Grant of Options
The Company has granted an aggregate of 2,062,500 Options to certain officers and consultants of the Company in accordance with the Company's current Stock Option Plan. Each Option is exercisable into one Share of the Company at a price of $0.53 per Share for a period of five years from the date of grant, being April 21, 2021. A total of 895,833 Options vest immediately with the remaining 1,166,667 vesting over a two-year period.
Establishment of RSU Plan and Grant of RSUs
The RSU Plan provides for the granting of awards of RSUs to its directors, officers, employees and consultants, which awards will vest into a Share of the Company following a vesting period and for no further consideration. The aggregate number of Shares that may be issued under the RSU Plan together with Shares that may be issued on exercise of stock options granted under the Stock Option Plan shall not exceed 10% of the issued and outstanding Shares from time to time.
The Company has also conditionally granted 188,680 RSUs to an officer of the Company. Each RSU will vest into one Share of the Company, or cash equivalent, following the end of the vesting period. One-half of the RSUs issued April 21, 2021 will vest on the first anniversary of the grant date and the balance on the second anniversary, subject to the terms of the RSU Plan.
The RSU Plan and the grant of RSUs remain subject to the TSX Venture Exchange approval and subsequent shareholder approval, which is to be sought at the Company’s annual general and special meeting of shareholders scheduled for June 17, 2021. No RSU granted on April 21, 2021 shall be permitted to vest into a Share until both approvals have been obtained. If either approval is not obtained, the RSU Plan will be terminated and the RSU grant of April 21, 2021 cancelled.