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District Updates on Change of Control, Equity Grant and Proceeds from Warrant Exercises
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2025) - District Metals Corp. (TSXV: DMX...
About this update from District Metals Corp.
[{"type":"text","content":"District Updates on Change of Control, Equity Grant and Proceeds from Warrant ExercisesVancouver, British Columbia--(Newsfile Corp. - June 27, 2025) - District Metals Corp. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) (FSE: DFPP); (\"District\" or the \"Company\") announces the amendment to certain change of control provisions for the CEO and CFO of the Company, equity incentive grants and proceeds received on the exercise of warrants. Effective June 27, 2025, the Company approved certain amendments to change of control or termination benefits within Garrett Ainsworth's executive employment agreement and Marlis Yassin's executive consulting agreement (each, the \"Executive Agreement\"). Pursuant to the amendments, if there is a change of control of the Company and the Executive Agreement is terminated by the Company within 12 months of the change of control, the Company will pay the executive two times annual compensation plus two times the average annual bonus paid, if any, during the last two full years of employment immediately upon such termination, and all incentive securities granted to the executive shall immediately vest and be exercisable in accordance with the District Omnibus Incentive Plan. If the executive is otherwise terminated without cause, the Company will pay the executive one times annual compensation plus one times the average annual bonus paid, if any, during the last full year of employment immediately upon such termination, and all incentive securities granted to the executive shall immediately vest and be exercisable in accordance with the District Omnibus Incentive Plan.The Company also announces that it has granted a total of 3,300,000 incentive stock options to directors, officers and consultants of the Company, 925,000 restricted share units to officers of the Company and 675,000 deferred share units to directors of the Company. Each stock option vests on the grant date and is exercisable to purchase one common share of the Company for five years at a price of $0.69 per common share (the closing price of the Company's common shares on June 26, 2025, the date prior to the grant date) pursuant to the terms of the Company's Omnibus Incentive Plan. Each restricted share unit and deferred share unit represents a right to acquire one common share of the Company, cash equivalent or combination...