KELOWNA,
BC, May 12, 2022 /CNW/ - Cantex Mine
Development Corp. (TSXV: CD) (the "Company") announces
that, further to its January 31, 2022
news release, the Company has adopted a new 7% rolling share option
plan (the "New Plan"). The New Plan received TSX
Venture Exchange approval and shareholders approved the New Plan at
the Company's Annual General Meeting held on January 28, 2022.
The New Plan has replaced the Company's 2008 share option
plan. The New Plan provides that the number of Common Shares
of the Company issuable under the New Plan, together with all of
the Company's other previously established or proposed share
compensation arrangements, may not exceed 7% of the total number of
the Company's issued and outstanding Common Shares. The New
Plan allows the Corporation to grant share options to Service
Providers, being directors, officers, employees and consultants of
the Company, as additional compensation, and creates an opportunity
for them to participate in the success of the Company.
The updates to the New Plan are non-material changes and will
not negatively affect the holders of common shares of the
Company. Following shareholder approval to the New Plan, the
Company's 2008 share option plan ceased to exist. All
outstanding options granted under the 2008 share option plan have
been rolled into the New Plan.
TSX Venture Exchange Policy requires that shareholders of the
Company ratify and approve the Plan annually to allow for
continuation of the Plan.
Signed,
Chad Ulansky
Chad Ulansky
President and CEO
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 press release.
SOURCE Cantex Mine Development Corp.