Mr. James May reports
AMENDMENT OF OPTION EXERCISE PRICE
Jervois Global Ltd. has advised that, as set out the explanatory statement to the notice of meeting sent to shareholders in relation to the annual general meeting (AGM), and in compliance with the relevant provisions of the listing rules of the Australian Stock Exchange (ASX) to ensure fair and equitable treatment to option holders in the event of rights issues, and the contractual obligation set out in the approved stock option plan, the outstanding options have been adjusted as per herein.
On Nov. 30, 2022, the company closed a pro rata accelerated non-renounceable entitlement issue to shareholders. As set out in ASX Listing Rule 6.22.2, the exercise price of outstanding options, including those held by directors and insiders, has been adjusted.
Pursuant to the corporate finance policies of the TSX Venture Exchange (TSX-V), any adjustment to the exercise price of options held by directors or insiders requires approval of shareholders and the TSX-V. At the April 28, 2023, AGM held in Melbourne, Australia, Jervois shareholders approved the ASX listing rule option adjustment.
The associated table sets out the option holder and number of options held, together with prior and revised exercise prices.
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