Vancouver, B.C. (September 22, 2022) – Diamond Fields Resources Inc. (TSX-V: DFR) (or “the Company”) announces that it has increased the number of Stock Options issuable by the Company under the Fixed Stock Option plan (the “Plan”) to 17,800,000 Stock Options, being less than 10% of the Company’s issued and outstanding common shares as at the date of this release. The increase was approved at the Company’s shareholders’ meeting on June 9, 2022 and is subject to approval by the TSX Venture Exchange.
In accordance with the Plan, the Company has granted new stock options (“the New Options”) to eligible participants for the purchase of up to 16,150,000 common shares at an exercise price of C$0.20 per share, effective as at the date of this announcement (the “Grant Date”). The New Options will expire on the fourth anniversary of the Grant Date, with 100% of the New Options vesting on the first anniversary of the Grant Date. The exercise price of the New Options is the same as the subscription price which was used in the US$3.1m equity financing announced on March 11, 2022. This pricing is intended to ensure continued alignment of interests among shareholders, management and directors.
Following the grant of the New Options, a balance of 330,800 Stock Options remains available for future grants under the Plan.