Augyva Announces Adoption of Restricted Share Unit Plan, Deferred Share Unit Plan and Grant of Awards
21 Abril 2014 - 8:00AM
Marketwired
Augyva Announces Adoption of Restricted Share Unit Plan, Deferred
Share Unit Plan and Grant of Awards
MONTREAL, QUEBEC--(Marketwired - Apr 21, 2014) - Augyva Mining
Resources Inc. (TSX-VENTURE:AUV) ("Augyva" or the "Company") is
pleased to announce that further to its press release dated April
11, 2014, it has entered into a formal employment agreement with
Mr. Kuldeep Billan as full time Chief Executive Officer of the
Company.
In connection with Mr. Billan's engagement and the recent
appointment of two new directors to the board, the Company also
announces that at a meeting of the directors held on April 18,
2014, a total of 2,000,000 options were awarded to Mr. Billan and
an aggregate of 1,250,000 options were awarded to the non-executive
directors pursuant to the Company's stock option plan. The options
are exercisable for five years at a price of $0.115 per share and,
in the case of Mr. Billan, will vest as to one-fifth on each
anniversary of the date of grant, and, in the case of the
non-executive directors, all options vest on the date of grant.
In order to formalize a pay-for-performance culture and further
strengthen the alignment between Company insiders with shareholders
of the Company, Augyva also announces that a restricted share unit
plan (the "RSU Plan") for directors, executive officers, employees
and consultants of the Company was approved by the board, subject
to approval by the TSX Venture Exchange ("TSXV") and ratification
by the Company's shareholders at the 2014 Annual General Meeting of
shareholders (the "AGM"). Additionally the Company's board has
approved the adoption of a cash-settled-only deferred share unit
plan (the "DSU Plan").
Subject to approval of the RSU Plan by the TSXV and ratification
by the shareholders at the AGM, 2,947,022 restricted share units
("RSUs") and 1,552,978 deferred share units ("DSUs") were awarded
to the Company's CEO and an aggregate of 750,000 DSUs were awarded
to the non-executive directors. Of the CEO's awards, approximately
one-third are time-vested with the remaining two-thirds vesting
subject to the achievement of specific price and operational
performance conditions, including the achievement of a 30-day VWAP
of $0.18 on Augyva's common shares and $5 million in annualized
EBITDA based upon a specified formula. The DSUs awarded to the
non-executive directors will vest subject to the achievement of
these same performance conditions.
Further details regarding both the RSU Plan and the award made
under such plan will be set out in the management information
circular of the Company which will be mailed to shareholders and
filed on SEDAR in connection with the AGM.
About Augyva Mining Resources Inc.
Augyva is an exploration and development company holding
five properties located in the James Bay and Abitibi regions of the
Province of Quebec. Its major project is its 35% interest in the
Duncan Lake Iron Property located in the western part of the La
Grande Greenstone Belt. The property is accessible by road and
covers approximately 25,602 hectares. Augyva received the results
of a National Instrument 43-101 compliant Preliminary Economic
Assessment prepared by Met-Chem Canada Inc. in March 2013. The
property is subject to an option and joint venture agreement
between Augyva and Canadian Century Iron Ore Corporation which has
65% interest in the property.
In addition to the Duncan Lake Iron Property, Augyva holds a
100% interest in four other mineral properties, namely: Yasinski
and Kali in the James Bay region and Senneville and Malartic in the
Abitibi region. At these mineral properties, the exploration focus
is for other than iron ore.
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.
This news release may contain certain forward-looking
information. All statements included herein, other than statements
of historical fact, are forward-looking information and such
information involves various risks and uncertainties. In
particular, this news release contains forward-looking information
relating to the receipt of regulatory and shareholder approval of
the RSU Plan and certain grants made thereunder. There can be no
assurance that such information will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such information. In particular,
forward-looking information involves certain known and unknown
risks, uncertainties and other factors including but not limited
to: risks related to capital markets, general economic conditions,
legislative and regulatory developments. In addition, a description
of assumptions used to develop such forward-looking information and
a description of risk factors that may cause actual results to
differ materially from forward-looking information can be found in
Augyva's disclosure documents on the SEDAR website at
www.sedar.com. Augyva does not undertake to update any
forward-looking information except in accordance with applicable
securities laws.
Kuldeep BillanCFAkbillan@rogers.com
Augyva Mining Resources Inc. (TSXV:AUV)
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