TORONTO, Aug. 8, 2014 /CNW/ - Red Tiger Mining Inc., (TSXV-RMN), (the "Company") announces that today it has granted options to Robert Wunder, CEO of the Company, to purchase 2,000,000 common shares of the Company, each at a strike price of $0.18 and having a term of five years.
- 1,000,000 options vest as follows: one-third of the options vest upon grant, an additional third will vest on the first anniversary of the date of grant, and the remaining third will vest on the second anniversary of the date of grant.
- 500,000 options vest as follows: one-third of the options vest when an average of 600 tonnes of copper per month is stripped and sold, over a period of 6 consecutive months, beginning with the month of August 2014 (the "Performance Hurdle"), an additional one third will vest on the first anniversary of the Performance Hurdle, and the remaining third will vest on the second anniversary of the Performance Hurdle.
- 500,000 options vest immediately in the event that a third party acquires all of the Company's voting shares.
Red Tiger's stock option plan permits 9% of the Company's issued and outstanding shares to be reserved for issuance. As of today, an aggregate of 3,667,500 shares are reserved for issuance pursuant to options granted and outstanding under the stock option plan.
Neither the 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.
SOURCE: Red Tiger Mining Inc.
For further information: Red Tiger Mining Inc., 320 Bay Street, Suite 1520, Toronto, ON, M5H 4A6, Fax: 416-637-2305, [email protected], www.redtigermining.com; Robert Wunder, President and CEO, Tel.: +1 52 662 311 8839, [email protected]; David Lurie, CFO and Secretary, Tel.: 416-637-1517 x 107, [email protected]