On June 23, 2022, directly following closing of the Offering, the Corporation issued to its directors and officer an aggregate of 604,000 options to purchase 604,000 common shares in the capital of the Corporation ("Common Shares") at an exercise price of $0.10 per Common Share, expiring June 23, 2032 (collectively, the "Options", and each, an "Option").
The grant included 151,000 Options being issued to each of V.E. Dale Burstall and David Turk, directors of the Corporation, and 302,000 Options being issued to Christopher Gulka, President, Chief Executive Officer, Chief Financial Officer, Secretary and a director of the Corporation.
Prior to the acquisition, Mr. Gulka owned, directly, 680,000 Common Shares. Mr. Gulka now owns, directly, 680,000 Common Shares, representing 11.26% of the issued and outstanding Common Shares, and Options to acquire 302,000 Common Shares. Assuming the exercise of all Options held by Mr. Gulka, he will own 982,000 Common Shares representing 15.48% of the issued and outstanding Common Shares, after giving effect to the exercise of the Options held by him.
Prior to the acquisition, Mr. Burstall owned, indirectly, 680,000 Common Shares. Mr. Burstall now owns, indirectly, 680,000 Common Shares, representing 11.26% of the issued and outstanding Common Shares, and, directly, Options to acquire 151,000 Common Shares. Assuming the exercise of all Options held by Mr. Burstall, he will own 831,000 Common Shares representing 13.42% of the issued and...
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