Business
Silverbirch Has Appointed Aberdeen Gould Capital Markets as its Exclusive Advisor
The Board and Committees Take Options in Lieu of Cash Compensation TORONTO, Nov. 6 /CNW/ - Silver...
About this update from Silver Bull Resources, Inc.
[{"type":"text","content":"\n\n\n\nThe Board and Committees Take Options in Lieu of Cash Compensation\n\n\nTORONTO, Nov. 6 /CNW/ - SilverBirch Inc. (TSX-V:SVB), a leading digital\nentertainment company, today announced it has signed an agreement with\nAberdeen Gould Capital Markets Ltd. (Aberdeen Gould) to be their exclusive\nadvisory firm. In addition, it has agreed on the compensation for the new and\nexisting incumbents of the Company's Board of Directors for Fiscal 2009.\n\n\nAberdeen Gould will provide exclusive financial, M&A, management advisory\nand other consulting services, as required, to SilverBirch. The term of the\nagreement is for 2 years and the Company will pay a monthly fee of $5,000 plus\nG.S.T. Aberdeen Gould has agreed to accrue and defer the monthly fees payable\nwithout interest for a 6 month period. In addition to Aberdeen's cash\ncompensation, they have been granted 1,000,000 irrevocable options at $0.10\nfor a three year period to vest in accordance with the terms and conditions of\nthe Company's Stock Option Plan. This agreement is subject to TSX Venture\nExchange final approval.\n\n\nAberdeen Gould's settlement of shares for the $45,000 owed by SilverBirch\nhas received TSX Venture Exchange approval. In lieu of cash, Aberdeen Gould\nwill receive 562,500 SilverBirch units priced at $0.08. Each unit consists of\none common share and one half Common Share purchase warrant of the Company.\nEach whole Warrant will entitle the holder to acquire one additional Common\nShare at a price of $0.18 per share for 2 years from closing.\n\n\nPursuant to the recommendations of the Compensation Committee, cash\ncompensation for board and committee participation is temporarily deferred.\nHowever, options to purchase common shares of the corporation have been\ngranted at a strike price of $0.10 per share, being $0.02 higher than the\nclosing price on the date of board approval (November 4, 2008). The Board\nChairman is to receive 725,000 options, which also compensates for sitting on\nthree standing committees, the Chair of the Audit committee will receive\n525,000 options, which also cover membership of the Disclosure and Governance\ncommittee, the Chair of the latter is to receive 600,000 options, to include\nCompensation and Audit committee attendance, and the Chair of the Compensation\ncommittee receives 450,000 options. All of the above ...