CALGARY, Aug. 4, 2016 /CNW/ - Mosaic Capital Corporation ("Mosaic" or the "Company") (TSX-V Symbols: M and M.PR.A) reports that it has issued, as part of its variable incentive compensation program for the 2016 year (the "Plan"), (i) an aggregate of 17,813 restricted securities units ("RSUs") to an executive officer (14,415 RSUs) and an employee (3,398 RSUs), and (ii) an aggregate of 55,960 options to purchase Mosaic common shares ("Options") to an executive officer (42,683 Options), an employee (10,061 Options) and a consultant performing investor relations activities (3,216 Options).
The RSUs, which can be settled for common shares on a one for one basis, will vest yearly in 3 equal tranches starting in the spring of 2017. Subject to certain conditions, the RSUs will be deemed to be exercised or will otherwise expire approximately 5 years from the date of grant.
The Options, which can be exercised for common shares on a one for one basis, have an exercise price of $6.07 per share, vest yearly in 3 equal tranches starting in the spring of 2017 and, subject to certain conditions, will expire in 5 years.
In accordance with the terms of Mosaic's Securities Based Compensation Plan, the settlement price of the RSUs and the exercise price of the Options was determined using the 10 day volume weighted average closing price of the Company's common shares ending August 3, 2016.
Reference should be made to Mosaic's most recent information circular for its 2016 annual general and special meeting of shareholders for a description of the Plan.
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is a Canadian investment company that owns a portfolio of established businesses which span a diverse range of industries and geographies. Mosaic's strategy is to create long-term value for its shareholders through accretive acquisitions, long-term portfolio ownership, sustained cash flows and organic portfolio growth. Mosaic achieves its objectives by maintaining financial discipline, acquiring businesses at attractive valuations, performing extensive acquisition due diligence, utilizing optimal transaction structuring and working closely with subsidiary businesses after acquisition.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE MOSAIC CAPITAL CORPORATION
For further information: Allan Fowler, Chief Financial Officer, Mosaic Capital Corporation, 400, 2424 - 4th Street SW, Calgary, AB T2S 2T4, Tel: (403) 270-4663