Bacanora Minerals Ltd. has implemented a restricted share unit plan along with the grant of an aggregate of 1,192,277 restricted share units thereunder and the grant of an aggregate of 2,227,410 options to acquire common shares in the capital of Bacanora at a price of pounds sterling 0.80 (approximately $1.32) pursuant to the stock option plan of the company.
In order to further align the interests of the company’s senior executives, key employees, consultants and directors with those of the shareholders of the company, the board of directors has approved the implementation of the RSU Plan, subject to receipt of final approval by the TSX Venture Exchange and ratification by the company’s shareholders at the next annual meeting thereof. The TSX-V has granted conditional acceptance of the RSU Plan, subject to confirmation of shareholder ratification. Under the RSU Plan, eligible persons may (at the discretion of the board) be allocated a number of RSUs as the board deems appropriate, with vesting provisions also to be determined by the board, subject to a maximum vesting term of three years from the end of the calendar year in which RSUs were granted. Upon vesting, eligible participants shall be entitled to a cash payment equal to the number of RSUs granted, multiplied by the fair market value of the Company’s common shares on the redemption date. The company shall also have the option (at the discretion of the board) to settle amounts owing to eligible persons via the issuance of common shares of the company.