19:05:59 EDT Mon 17 Jun 2024
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or Name

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Kermode Resources Ltd (2)
Symbol KLM
Shares Issued 42,065,422
Close 2024-04-22 C$ 0.015
Market Cap C$ 630,981
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Kermode grants director, CFO options to buy shares

2024-04-25 15:32 ET - News Release

Mr. Peter Bell reports


Kermode Resources Ltd. has granted stock options and performance share units to a director and an officer in accordance with the company's security-based compensation plan.

The company assigns to Roger Lewis, an independent director, 400,000 stock options and 400,000 performance share units. The company assigns to Matthew Anderson, the chief financial officer, 400,000 stock options and 400,000 performance share units. The stock options shall have an exercise price of five cents per share and a five-year term, expiring on April 25, 2029.

The performance share units shall vest after one year and have a term of three years, expiring on April 25, 2029. The Units entitle the recipient to receive payment in cash or shares of an amount equal to the closing market price on the day prior to the last day of the applicable performance period multiplied by the applicable multiplier, to be determined on the last day of the performance period.

The timing of the performance period for any units that may be exercised is at the sole discretion of the board of directors. After the units have vested, some may be exercised on some dates and others on different dates at the sole discretion of the board to allow for multiple performance periods to exercise different tranches of units. The board is not obligated to exercise any number of the units at any time unless it so decides.

At the sole discretion of the board of directors, the form of payment for any units shall be determined upon exercise. The multiplier shall be set at the sole discretion of the board of directors at the time of exercise with a maximum value of 10 to one.

Prior to this issuance of stock options and units, the company had a total number of stock options equal to 1,619,630 with weighted average exercise price of 50 cents, and a total number of units equal to one million.

The maximum number of Stock Options that can be issued by the company at this time is equal to 4,206,542, which is 10 per cent issued shares of the company, and the maximum number of units that can be issued is equal to 2,638,521 as set by the company's security-based compensation plan dated Dec. 1, 2023.

About Kermode Resources Ltd.

Kermode is a junior mining company hunting for exploration opportunities around the world.

We seek Safe Harbor.

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