Western Exploration Grants Incentive Stock Options

Rhea-AI Summary

Western Exploration Inc. (TSX-V: WEX, OTCQX: WEXPF) has announced the issuance of 1,596,025 stock options and 125,000 Restricted Share Units (RSUs) to directors, officers, employees, and consultants under its equity incentive plan. Each stock option is exercisable at $2.65 per share for a period of five years. The vesting schedule includes half immediately, one quarter at 12 months, and the remaining quarter at 24 months. These securities are subject to TSX Venture Exchange regulations and a four-month hold period as per Canadian securities laws.

Positive

• Grant of 1,596,025 stock options may enhance employee retention and motivation.
• The exercise price of $2.65 per share is aligned with company performance incentives.

Negative

• None.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Western Exploration Inc. (TSX-V: WEX, OTCQX:WEXPF) (the "Company" or "Western Exploration") wishes to announce that in accordance with its equity incentive plan, the Company has granted to certain directors, officers, employees, and consultants of the Company a total of 1,596,025 stock options (“Options”), with each Option exercisable for one common share of the Company at a price of $2.65 per share for a period of 5 years from the date of grant, and a total of 125,000 Restricted Share Units (“RSUs”). The Options and RSUs will vest according to the following schedule: 1/2 immediately, 1/4 at 12 months, and 1/4 at 24 months. The RSU and Options are subject to TSX Venture Exchange (“TSXV”) policies and regulations and are subject to a hold period of four months and one day in accordance with Canadian securities laws.

About Western Exploration

Western Exploration Inc. is Nevada-focused precious metals exploration company, aiming to be a premier gold and silver development company in North America. The Company was born out of a 25-year history of advancing exploration projects in Nevada as a private company. Its principal asset is the Aura gold-silver project, located in Elko County, Nevada, approximately 120 kilometers north of the city of Elko, Nevada.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220608006010/en/

Nichole Cowles

Investor Relations

Phone: 775-240-4172

Email: nicholecowles@westernexploration.com

Source: Western Exploration Inc.

FAQ

What is the stock option grant by Western Exploration Inc. (WEXPF)?

Western Exploration Inc. has granted 1,596,025 stock options and 125,000 RSUs under its equity incentive plan.

What is the exercise price for the stock options of WEXPF?

Each stock option is exercisable at a price of $2.65 per share.

When do the stock options for WEXPF vest?

The stock options will vest 50% immediately, 25% at 12 months, and 25% at 24 months.

What is the duration for the stock options granted by WEXPF?

The stock options are valid for a period of five years from the date of grant.

Are the stock options for WEXPF subject to regulatory approval?

Yes, the options and RSUs are subject to TSX Venture Exchange policies and Canadian securities laws.