Abcourt Mines, Inc. announced that its Board of Directors has the grant of stock options to purchase a 300,000 Class B shares of the Company, at an exercise price of $0.10 per share, in favor of a director who was elected as such for the first time at the annual and general shareholders meeting of the Company held December 2013.
In a release on Feb. 18, the Company said these options, valid for five years, were granted in accordance with the Company's stock option plan. With this grant, the Company now has a number of 10,500,000 stock options outstanding. The Company has 182,332,419 Class B shares issued and outstanding.
Abcourt Mines said the directors of the Company receive no salary and their only remuneration is the options that they receive as such. The grant of stock options by the Company provides its directors with a long-term incentive for performance and commitment to the Company. The Company believes that participation by the directors in the stock option plan aligns their interests with those of its shareholders, as they are rewarded for the Company's performance as evidenced by share price appreciation. The grant of stock options allows the Company to attract, motivate and retain qualified individuals necessary to achieve corporate objectives of the Company.
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