Dec 11, 2009 (M2 EQUITYBITES via COMTEX) -- ECMLF | Quote | Chart | News | PowerRating -- Canadian mineral exploration and development company Ecometals Limited (TSX VENTURE: EC | Quote | Chart | News | PowerRating) (Berlin:GDQ) (Frankfurt:GDQ) announced on Thursday that an aggregate of 2,735,000 stock options were granted on 9 December 2009 to certain directors, officers and employees of the company.
The company said that the additional options granted have a vesting period of 18 months and have an exercise price of USD1.13 per common share and expire on 9 December 2012.
The options were reportedly granted for employee performance during the past year as part of the board's annual review of performance.
In order to accommodate this grant the directors of the company approved an amendment to its current stock option plan.
The number of shares reserved for issuance under such amended plan is 12,860,086, an increase of 4,498,610. The amendment is subject to the approval of the TSX- V and the shareholders of the company at its next annual meeting of shareholders, which is expected to be held in February 2010.
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