Oracle Commodity Holding Appoints Chief Legal Officer
Rhea-AI Summary
Oracle Commodity Holding Corp. (TSXV: ORCL) (OTCQB: ORLCF) has appointed Alex Bayer as its Chief Legal Officer, effective October 2, 2024. Bayer, a corporate securities lawyer with over 15 years of experience in the mining sector, will lead all legal matters for the company. The board has granted Bayer 200,000 stock options at an exercise price of $0.085, vesting quarterly over two years and expiring on October 2, 2029.
Bayer has agreed to accrue $625 of his monthly consulting fee, which will convert into common shares at a discounted market price, subject to TSX Venture Exchange approval. Additionally, Oracle has appointed Sara Knappe as Corporate Secretary, replacing Marion McGrath.
Positive
- Appointment of experienced Chief Legal Officer with mining sector expertise
- Granting of stock options to align new executive's interests with shareholders
- Partial fee accrual arrangement for Chief Legal Officer, potentially conserving cash
Negative
- Potential dilution from stock options and fee conversion to shares
News Market Reaction – ORLCF
On the day this news was published, ORLCF declined 24.95%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Oracle Commodity Holding Corp. (TSXV: ORCL) (OTCQB: ORLCF) ("Oracle" or the "Company") is pleased to announce the appointment of Alex Bayer as its Chief Legal Officer, to lead all legal matters for the Company, effective as of October 2, 2024.
Alex is a seasoned corporate securities lawyer with over 15 years of experience, specializing in the mining sector. He has extensive expertise in advising mining companies on a wide range of matters, including public and private financings, mergers and acquisitions, regulatory compliance, and corporate governance. Known for a deep understanding of securities laws and the unique challenges of the mining industry, Alex has successfully guided companies through complex transactions and strategic initiatives, including drafting and navigating through complex royalty agreements, while ensuring legal and regulatory requirements are met.
The Company further announces that its board of directors has approved the grant of incentive stock options (the "Options") to Mr. Bayer to acquire a total of 200,000 common shares in the capital of the Company at an exercise price of
Mr. Bayer has agreed to accrue
Mr. Bayer's engagement as Chief Legal Officer is through his consulting company, Bayer Law Corporation.
The Company also appoints Sara Knappe as Corporate Secretary to replace Ms. Marion McGrath. The Company would like to thank Ms. McGrath for her valuable contributions during her tenure with the Company.
About Oracle Commodity Holding Corp.
Oracle Commodity Holding Corp. is a mining royalty company spun out from Silver Elephant Mining Corp. (TSX: ELEF) in 2022.
Further information on Oracle Commodity can be found at www.oracleholding.com.
ORACLE COMMODITY HOLDING CORP.
ON BEHALF OF THE BOARD
"Anthony Garson"
CEO
For more information about Oracle, please contact:
Email: info@oracleholding.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/225775