Focus Graphite Inc. Adopts New Stock Option Plan and Announces Stock Option Grants
KINGSTON, Ontario, June 11, 2020 (GLOBE NEWSWIRE) -- Focus Graphite Inc. (“Focus” or the "Company") (TSX-V: FMS; OTCQX: FCSMF; FSE: FKC), an advanced exploration company focused on the production of graphite concentrate announced today that the Board of Directors has adopted a new 20% fixed incentive stock option plan (the "New Plan") to replace the previous rolling stock option plan (the “Old Plan”). The Company also announced the grant of incentive stock options under the New Plan as compensation to its directors, officers, employees and consultants (the “New Grant”).
Pursuant to the New Plan, options entitling the purchase of an aggregate 74,787,268 common shares in the capital of the Company (the “Shares”) may be granted to directors, officers, employees and consultants of the Company from time to time.
Pursuant to the New Grant, options to purchase up to 36,370,000 Shares have been granted at an exercise price of $0.05 per share. The options expire 10 June 2025. The Company is pleased to grant the options to its management and staff as an incentive following their temporary layoff in the wake of the COVID-19 pandemic.
The New Plan and, to the extent that the number of options granted under the New Grant exceeds the number of options permitted under the Old Plan, the New Grant are subject to the approval of the TSX Venture Exchange ("TSXV") and of the Disinterested Shareholders of the Corporation (as such term is defined in the policies of the TSXV), and will be presented for approval at the Company’s upcoming annual shareholders' meeting scheduled to be held before fiscal year end.
Options to purchase up to 26,085,000 Common Shares ("Shares") of the Company have been granted at an exercise price of $0.05 per share. The options expire on July 30, 2023.
About Focus Graphite
Focus Graphite Inc. is an advanced exploration company with an objective of producing graphite concentrate at its wholly owned Lac Knife flake graphite deposit located 27 km south of Fermont, Québec. In a second stage, to meet Quebec stakeholder interests of transformation within the province and to add shareholder value. Focus is evaluating the feasibility of producing value added graphite products including battery-grade spherical graphite.
Focus Graphite is a technology-oriented graphite development company with a vision for building long-term, sustainable shareholder value. Focus also holds a significant equity position in graphene applications developer Grafoid Inc.
For more information about Focus Graphite, please visit www.focusgraphite.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Focus Graphite Investor Contact:
Scott Anderson
Investor Relations
(858) 229-7063
