Orosur Mining Inc Announces Administrative Update & Options Exercise

Administrative Update & Options Exercise

LONDON, UK / ACCESSWIRE / February 23, 2024 / Orosur Mining Inc. ("Orosur" or the "Company") (TSX-V:OMI)(AIM:OMI) announces that the TSX-V has given its approval to the Company's new equity incentive plan (the "Equity Incentive Plan"), which was approved by shareholders at the Company's Annual and Special Meeting of shareholders (the "Meeting") on 20 December 2023, pursuant to which the Company may grant stock options, restricted share units, and deferred share units to the officers, directors, employees and consultants of the Company and its subsidiaries.

Foto: Accesswire

The Equity Incentive Plan replaces the Company's prior stock option plan and should reduce dilution to shareholders and be more fiscally efficient for some of the participants. As with the prior stock option plan, the maximum number of common shares that may be issued upon exercise or settlement of awards granted under the Equity Incentive Plan is 18,856,030 common shares of no par value each, representing 10% of the issued and outstanding common shares of the Company as at 24 October 2023, being the date the Equity Incentive Plan was approved by the Board, subject to shareholder and TSX-V approval.

Full details of the Equity Incentive Plan were set out in the Management Information Circular that was posted to shareholders on 20 November 2023 together with the notice of the Meeting. Both documents are available on the Company's website and on the Company's SEDAR+ profile at www.sedarplus.ca.

Exercise of options by former employee

Following the exercise of 75,000 options at an exercise price of Cdn$0.05 each, by a former employee, the Company has issued 75,000 common shares of no par value ("Common Shares"). Application has been made for the 75,000 Common Shares, which rank pari passu with the existing Common Shares in issue, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will occur at 8:00am UK time on or around 29 February 2024. Following Admission, the Company will have 10,631,665 options outstanding (approximately 5.2% of the Company's total Common Shares in issue).