Business
Richmond Minerals Announces Proposed Shares-for-Debt Settlement and Option Grants
Richmond Minerals Announces Proposed Shares-for-Debt Settlement and Option Grants ...
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\n\n\n\nRichmond Minerals Announces Proposed Shares-for-Debt Settlement and Option Grants\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\n\n\n\n\n\nRichmond Minerals Announces Proposed Shares-for-Debt Settlement and Option Grants\nCanada NewsWire\nTORONTO, Oct. 2, 2015\n\n\n\nTORONTO, Oct. 2, 2015 /CNW/ - Richmond Minerals Inc. (TSX-V: RMD) (\"Richmond\" or the \"Company\") is pleased to announce in regards to the Memorandum of Understanding signed in February of this year with three First Nations communities that sets out commitments to training, communication and business development, the Company has also agreed to the issuance of common shares of the Company to each of the three First Nations communities, for an aggregate of 150,000 common shares, as well as the grant of incentive stock options. These grants recognize the ongoing contributions of the First Nations communities and will allow each community to directly participate in any potential successes of Richmond. Richmond is also seeking to settle certain engagement costs associated with the MOU by issuing an aggregate of 69,300 common shares to the three First Nations groups in lieu of cash.\n\nRichmond is also pleased to announce that it intends to settle obligations (the \"Settlements\") owed to certain of its directors, officers and arm's length consultants, in the aggregate amount of $68,000 by issuing an aggregate of 680,000 common shares to such persons at a deemed value of $0.10 per share.\n\nThe Settlements primarily represent payments for consulting fees but will also settle various other liabilities including directors' fees. \n\nLastly, the Board of Directors of the Company has approved a resolution to grant an aggregate of 1,090,000 stock options (\"Options\") to acquire common shares of the Company pursuant to the Company's incentive stock option plan to certain officers, directors, employees and consultants of the Company. The Options have an exercise price of $0.10 per share. The Options vest immediately and will expire either two or five years from the date of grant, in accordance with the terms of the pla...