Key points
- The fixed stock option plan was increased to 17.8 million options, under 10 per cent of shares outstanding, approved at the June 9, 2022 shareholders meeting subject to TSX Venture Exchange approval.
- The company granted new options for up to 16.15 million common shares at an exercise price of 20 cents per share.
- The new options expire on the fourth anniversary of the grant date, with 100 per cent vesting on the first anniversary.
- A balance of 330,800 stock options remains available for future grants under the plan.
Diamond Fields Resources Inc. has increased the number of stock options issuable by the company under the fixed stock option plan to 17.8 million stock options, being less than 10 per cent of the company’s issued and outstanding common shares as at the date of this release. The increase was approved at the company’s shareholders meeting on June 9, 2022, and is subject to approval by the TSX Venture Exchange.
In accordance with the plan, the company has granted new stock options to eligible participants for the purchase of up to 16.15 million common shares at an exercise price of 20 cents per share, effective as at the date of this announcement. The new options will expire on the fourth anniversary of the grant date, with 100 per cent of the new options vesting on the first anniversary of the grant date. The exercise price of the new options is the same as the subscription price, which was used in the $3.1-million (U.S.) equity financing announced on March 11, 2022. This pricing is intended to ensure continued alignment of interests among shareholders, management and directors.
Following the grant of the new options, a balance of 330,800 stock options remain available for future grants under the plan.
Diamond Fields is a TSX Venture Exchange-listed exploration and mine development company focused on gold and other commodities in Africa. Following the acquisition of Moydow Holdings Ltd., Diamond Fields holds interests in a portfolio of West African gold exploration projects, including the highly prospective Cascades gold project in Burkina Faso. The Cascades project has a mineral resource prepared in accordance with National Instrument 43-101 comprising 5.41 million tonnes of indicated resources at an average grade of 1.52 grams per tonne gold for a total of 264,000 ounces of gold and 6.93 million tonnes of inferred resources at an average grade 1.67 g/t Au for a total of 371,000 ounces of gold.
In Madagascar, Diamond Fields has an advanced high-grade hardrock zircon exploration prospect located in the west of the country, approximately 220 kilometres east of the port of Maintirano and close to a state road. Diamond Fields acquired Beravina from Pala Investments and Austral Resources in 2016. In Namibia, the company owns several offshore diamond mining licences.
