TORONTO, ONTARIO--(Marketwired - May 26, 2015) - Grenville Strategic Royalty Corp. (TSX VENTURE:GRC) ("Grenville" or the "Company") today announced that it has granted options to acquire an aggregate of 2,915,000 common shares of Grenville to certain directors and officers of the Company. All of the options are exercisable at a price of CDN $0.88 per common share. All of the options granted to non-management directors of the Company will vest annually in equal tranches, with the first 25% of the options vesting on the grant date. The options granted to members of senior management of the Company, including the chief executive officer, executive chairman and chief financial officer, will vest annually in equal tranches if the Company achieves cumulative free cash (as that term is defined in the Company's management discussion and analysis) of at least $5 million, $10 million, $15 million and $20 million by the first, second, third and fourth anniversaries of the grant date, respectively.
All of the options have a term of 5 years and are subject in all respects to the terms of Grenville's stock option plan.
Ms. Catherine McLeod-Seltzer, Chair of the Company's Compensation Committee, stated "The Board of Grenville is pleased to initiate this innovative performance option program which augments the usual time based vesting provisions with performance metrics that we believe will drive shareholder value and further align management's objectives with those of shareholder's desire for growing free cash flow".
About Grenville
Grenville is a Toronto-based company that was formed to provide royalty-based finance solutions by acquiring revenue streams generated by growing public and private, small to medium sized enterprises operating across a broad range of industrial and technology sectors. Grenville has identified a large and underserviced finance market for well-managed companies generating up to $50 million in revenue, which face difficult financing hurdles from traditional debt and equity markets. The non-dilutive royalty financing structure offered by Grenville can bridge the financing needs of these companies until traditional debt or equity is available to them on more attractive commercial terms. The application of Grenville's royalty financing structure into sectors not traditionally serviced by royalty companies represents a new and innovative financing model - Capital Simplified - that has already attracted a considerable number of opportunities with attractive potential returns.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |