Orosur Mining Inc.
Administrative Update & Options
Exercise
London, February 23rd, 2024.
Orosur Mining Inc. ("Orosur" or the "Company") (TSX-V & AIM:
OMI) (AIM: OMI) announces that the TSX-V
has given its approval to the Company's new
equity incentive plan (the "Equity Incentive Plan"), which was
approved by shareholders at the Company's Annual and Special
Meeting of shareholders (the "Meeting") on 20 December 2023,
pursuant to which the Company may grant stock options, restricted
share units, and deferred share units to the officers, directors,
employees and consultants of the Company and its
subsidiaries.
The Equity Incentive Plan replaces
the Company's prior stock option plan and should reduce dilution to
shareholders and be more fiscally efficient for some of the
participants. As with the prior stock option plan, the maximum
number of common shares that may be issued upon exercise or
settlement of awards granted under the Equity Incentive Plan is
18,856,030 common shares of no par value each, representing 10% of
the issued and outstanding common shares of the Company as at 24
October 2023, being the date the Equity Incentive Plan was approved
by the Board, subject to shareholder and TSX-V approval.
Full details of the Equity Incentive
Plan were set out in the Management Information Circular that was
posted to shareholders on 20 November 2023 together with the notice
of the Meeting. Both documents are available on the Company's
website and on the Company's SEDAR+ profile at
www.sedarplus.ca.
Exercise of options by former employee
Following the exercise of 75,000
options at an exercise price of Cdn$0.05 each, by a former
employee, the Company has issued 75,000 common shares of no par
value ("Common Shares"). Application has been made for the
75,000 Common Shares, which rank pari passu with the existing
Common Shares in issue, to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and dealings will occur at 8:00am UK time on or
around 29 February 2024. Following Admission, the Company will
have 10,631,665 options outstanding (approximately 5.2% of the
Company's total Common Shares in issue).
Following Admission and for the
purposes of the Disclosure Guidance and Transparency Rules, the
Company will have 205,584,452 Common Shares in issue. Shareholders
may use this figure as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the issued share
capital of the Company.
For further information, visit www.orosur.ca, follow on X @orosurm or
please contact:
Orosur Mining Inc
Louis Castro, Chairman,
Brad George, CEO
info@orosur.ca
Tel: +1
(778) 373-0100
SP
Angel Corporate Finance LLP - Nomad & Broker
Jeff Keating / Caroline Rowe / Kasia
Brzozowska
Tel: +44 (0) 20 3 470
0470
Turner Pope Investments (TPI) Ltd - Joint
Broker
Andy Thacker/James Pope
Tel: +44 (0)20 3657 0050
Flagstaff Communications
Tim Thompson
Mark Edwards
Fergus Mellon
orosur@flagstaffcomms.com
Tel: +44 (0)207 129 1474
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this
inside information is now considered to be in the public
domain.
Neither 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.
About Orosur Mining Inc.
Orosur Mining Inc. (TSXV: OMI; AIM:
OMI) is a minerals explorer and developer currently operating in
Colombia, Argentina, Nigeria and Brazil,
Forward Looking Statements
All statements, other than
statements of historical fact, contained in this news release
constitute "forward looking statements" within the meaning of
applicable securities laws, including but not limited to the "safe
harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995 and are based on expectations
estimates and projections as of the date of this news
release.
Forward-looking statements include,
without limitation, the reduction of
dilution to shareholders and the fiscal efficiency of the Equity
Incentive Plan. There can be no assurance
that such statements will prove to be accurate. Actual results and
future events could differ materially from those anticipated in
such forward-looking statements. Such statements are subject to
significant risks and uncertainties including, but not limited,
those as described in Section "Risks Factors" of the Company's
management discussion and analysis for the year ended May 31, 2023.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events and such forward-looking statements,
except to the extent required by applicable law.