CleanTech Announces Shares for Salary with Senior Management to Align with Shareholder Interest
CleanTech Vanadium Mining has established a Shares for Services Agreement with its senior management team, effective November 1, 2024.
Sentiment and the balance of points
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Rhea-AI Summary
CleanTech Vanadium Mining has established a Shares for Services Agreement with its senior management team, effective November 1, 2024. Under this agreement, senior executives will convert 15% of their monthly salaries into company common shares. CEO John Lee will convert CAD1,500, President Ron Espell USD3,437, and COO Rob Van Drunen CAD3,125 monthly. The conversion price will be set at the Maximum Discounted Market Price, with up to 25% discount. The company retains the option to pay accrued amounts in cash, and the agreement requires TSX Venture Exchange approval. Issued shares will have a four-month hold period.
Positive
- Management alignment with shareholder interests through salary-to-shares conversion
- Company preserves cash by paying portion of salaries in shares
Negative
- Potential dilution of existing shareholders through monthly share issuance
- 25% discount on share price conversion represents value loss for existing shareholders
Details
News Market Reaction – CTVFF
The recorded move for CTVFF in the trading session of this news was +1.18%.
Data tracked by StockTitan Argus. Session date unavailable.
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Vancouver, British Columbia--(Newsfile Corp. - November 25, 2024) - CleanTech Vanadium Mining Corp. (TSXV: CTV) (OTCQB: CTVFF) ("CleanTech" or the "Company") is pleased to announce that it has entered into a Shares for Services Agreement with its senior management team effective November 1, 2024 (the "Shares for Services Agreement"). Pursuant to the terms of the Shares for Services Agreement, the senior management team has agreed to convert
John Lee, the Company's CEO and Chairman agreed to accrue CAD1,500 of his monthly salary, Ron Espell, the Company's President agreed to accrue USD3,437 of his monthly salary and Rob Van Drunen, the Company's Chief Operating Officer agreed to accrue CAD3,125 of his monthly salary.
Each of the above accruals shall convert into Common Shares on a monthly basis at a deemed price equal to the Maximum Discounted Market Price (as such term is defined in Policy 1.1 of the TSX Venture Exchange), up to a maximum discount of
The Shares for Services Agreement is subject to TSX Venture Exchange approval. Securities issued pursuant to the Shares for Services Agreement will be subject to regulatory four month hold periods.
About CleanTech Vanadium Mining Corp.
CleanTech is an exploration-stage mining company focused on vanadium and critical mineral resources. The Company owns a
Further information on CleanTech can be found at www.cleantechvanadium.com.
CLEANTECH VANADIUM MINING CORP.
ON BEHALF OF THE BOARD
John Lee
Chief Executive Officer
For more information about CleanTech, please contact:
Suite 1610 – 409 Granville Street
Vancouver, BC V6C 1T2
Phone: 1.877.664.2535
Email: info@cleantechvanadium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231315
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