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Grounded Lithium Adopts New Equity Incentive Plan in Connection with Closing of Reverse Takeover
Grounded Lithium Adopts New Equity Incentive Plan in Connection with Closing of Reverse T...
About this update from Grounded Lithium Corp
[{"type":"text","content":"\n \n \n \n Grounded Lithium Adopts New Equity Incentive Plan in Connection with Closing of Reverse Takeover\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n . FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF\n \n UNITED STATES\n \n SECURITIES LAW./\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Sept. 16, 2022\n \n \n /CNW/ - (TSXV: GRD) - Grounded Lithium Corp. (\"\n \n GLC\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that in connection with the closing of its reverse takeover (the \"\n \n RTO\n \n \") of VAR Resources Corp. (\"\n \n VAR\n \n \") on\n \n August 22, 2022\n \n , GLC adopted VAR's equity incentive plan (the \"\n \n Plan\n \n \"), which was approved by VAR's shareholders on\n \n August 18, 2022\n \n . Further details with respect to the RTO and the Plan are available in the Company's information circular dated\n \n June 28, 2022\n \n which can be found under the Company's profile on SEDAR at\n \n \n www.sedar.com\n \n \n .\n \n \n \n \n \n \n \n \n \n The Plan provides flexibility to grant equity-based incentive awards in the form of stock options, as well as restricted share units, deferred share units and performance share units. The Plan is a fixed 20% plan, allowing for a maximum of 20% of the issued and outstanding common shares of the Company (\"\n \n Shares\n \n \") after closing of the RTO to be reserved for issuance. There were 56,872,750 Shares outstanding immediately after closing the RTO, and therefore a maximum of 11,374,550 Shares may be issued upon exercise or settlement of all security-based compensation arrangements of the Company. As of the date hereof, there are an aggregate of 5,409,100 Company awards outstanding.  Amendments to the Plan must be approved by the Company's shareholders, except for certain changes which are set out in the Plan and in accordance with the policies of the TSX Venture Exchange (the \"\n \n TSXV\n \n \").\n \n \n \n About Grounded Lith...