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Monument Grants Stock Purchase Options to its Directors Officers under a Stock Option Plan
Monument Grants Stock Purchase Options to its Directors Officers under a Stock Option Plan
About this update from Monument Mining Limited
[{"type":"text","content":"Monument Grants Stock Purchase Options to its Directors Officers under a Stock Option Plan\n\n\n\nMonument Grants Stock Purchase Options to its Directors Officers under a Stock Option Plan\n\nVancouver, British Columbia CANADA, August 15, 2008 /FSC/ - Monument Mining Ltd. (MMY - TSX Venture, D7Q1 - FWB), (\"Monument\" or the \"Company\") announces that the Board of Directors approved a fixed Stock Option Plan (\"the 2009 Plan\") which reserves in the aggregated 22,126,000 share purchase options for its directors, officers, employees and consultants. The 2009 Plan is subject to acceptance by the TSX Venture Exchange and approval by a disinterested vote of the Company's shareholders.\n\nThe 2009 Plan allows the Company to grant stock purchase options to its directors, officers, employees and consultants. The maximum number of shares eligible to be reserved for issuance under the 2009 Plan is 22,126,000. The 2009 Plan is considered to be a fixed plan and it requires the Company to seek disinterested shareholders' approval each year. The number of shares issuable within a 12 month period under the 2009 Plan shall not exceed 6% of issued and outstanding shares to any one Optionee. The exercise price of each option is set by the Board of Directors at the time of grant but cannot be less than the market price. The Company's Board of Directors has discretion as to the number, vesting period and expiry dates of stock options granted.\n \nThe board of directors has granted under the 2009 Plan immediately 13,390,000 stock purchase options to its directors, officers, employees and consultants. The stock purchase options are exercisable at a price of $0.40 for five years, vesting period varies from zero to three years. As a result of this grant and prior grants, a total of 17,760,000 stock purchase options have been granted and 4,366,000 shares are available for further grant under the 2009 Plan. The 10% Rolling Stock Option Plan (\"The 2008 Plan\") has automatically rolled over to the 2009 Plan.\n \nThe Company has recently announced the closing of its $38.1 M Private Placement and Convertible Note and that it is now fully funded for the Gold Treatment Plant construction and open pit development at its 100% owned Selinsing Gold Mine Property. The 2009 Plan is designed as an incentive vehicle to reward the Company's dir...