Orsu Metals to Issue Shares for Services

Rhea-AI Summary

Orsu Metals Corporation plans to issue 675,292 shares in exchange for services rendered. This decision stems from an agreement made in 2017, allowing directors, officers, and a consulting advisor to opt for shares instead of fees, pending approval from the TSX Venture Exchange. As of December 31, 2021, the accrued amount for this payment totals the Canadian equivalent of $175,576, equating to a share price of $0.26 per share. All shares will be subject to a four-month hold period following issuance.

Positive

• Share issuance aligns with long-term incentive plans for directors and officers.
• The share price of $0.26 reflects the closing price, providing fair compensation.

Negative

• Issuing shares may dilute existing shareholder value.

VANCOUVER, BC / ACCESSWIRE / January 5, 2022 / Orsu Metals Corporation (TSXV:OSU) ("Orsu" or the "Company") plans to issue 675,292 shares for services.

In 2017, the Company reached agreement with its directors, officers and a consulting advisor that each director, officer or consulting advisor may elect to be paid up to 100% of their annual fees in common shares of the Company, subject to the approval of the TSX Venture Exchange (the "Exchange"). The Company will settle the total amount accrued at the end of the calendar year by the issue of shares to be priced at the closing price on the last day of each year.

To December 31, 2021, there is a total accrual of the Canadian equivalent of $175,576 which will be settled in full by the issue of a total of 675,292 shares of the Company priced at $0.26, being the closing share price on December 31, 2021.

Subject to the approval of the Exchange, all shares issued will be subject to a four-month hold period from the date of issue.

ENDS

For further information, please contact:
Sergei Stefanovich, Managing Director of Orsu Metals Corporation
Doris Meyer, Corporate Secretary, Orsu Metals Corporation
email: ir@orsumetals.com

Neither the 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.

SOURCE: Orsu Metals Corporation

View source version on accesswire.com:
https://www.accesswire.com/681128/Orsu-Metals-to-Issue-Shares-for-Services

FAQ

What is the purpose of Orsu Metals' share issuance?

Orsu Metals plans to issue shares for services rendered to align with its incentive plan for directors and officers.

How many shares will Orsu Metals issue?

Orsu Metals will issue a total of 675,292 shares.

What is the total value of the shares Orsu Metals is issuing?

The total accrual to be settled through shares amounts to the Canadian equivalent of $175,576.

What is the share price for the issued shares?

The shares will be priced at $0.26 each, based on the closing price on December 31, 2021.

Are there any restrictions on the shares issued by Orsu Metals?

Yes, all shares issued will be subject to a four-month hold period from the date of issue.