VANCOUVER, BC, Aug. 2, 2024
/CNW/ - Santacruz Silver Mining Ltd. (TSXV:
SCZ) ("Santacruz" or "the Company") announces that the Company
has granted deferred share units ("DSUs"), restricted share units
("RSUs"), performance share units ("PSUs") and stock options to
directors, officers, employees and consultants in accordance with
the Company's Omnibus Equity Incentive Plan dated November 17, 2023.
Awards under the 2023 Omnibus Equity Incentive
Plan
The board of directors of the Company (the "Board") has
approved the grant of an aggregate of 675,000 DSUs, 850,000 RSUs,
2,500,000 PSUs, and 2,470,000 stock options to the directors,
officers, employees and consultants of the Company. The 2023
Omnibus Equity Incentive Plan's objective is to create an incentive
compensation program that is aligned with the Company's long-term
objectives.
DSUs: Each vested DSU can be redeemed for one common
share of the Company (a "Share"). For directors, the DSUs granted
vest one year after the grant date. The number of DSUs granted was
calculated based on the compensation that is to be paid to the
director, as determined by the Board, by using $0.40 per DSU, a 16% premium to the closing
market price of the Shares on the TSX Venture Exchange (the
"Exchange") as at August 1, 2024.
RSUs: Each vested RSU can be redeemed for one Share.
The RSUs granted will vest 1/3 one year after the grant date;
1/3 on March 31, 2026 and 1/3 on
March 31, 2027. The number
of RSUs granted was calculated by using $0.40 per RSU, a 16% premium to the closing
market price of the Shares on the Exchange as at August 1, 2024.
PSUs: Each vested PSU can be redeemed for one Share. The
PSUs granted to management will vest upon the achievement of
certain key performance indicators as determined by the Board,
vesting not before one year after the grant date. The number of
PSUs granted was calculated by using $0.40 per PSU, a 16% premium to the closing
market price of the Shares on the Exchange as at August 1, 2024.
Stock options: The stock options have a 5-year term in
accordance with the following vesting schedule: 1/3 one year after
the grant date; 1/3 on March 31,
2026, and 1/3 on March 31,
2027. The stock options have an exercise price of
$0.40 per Share, a 16% premium to the
closing market price of the Shares on the Exchange as at
August 1, 2024.
About Santacruz Silver Mining Ltd.
Santacruz Silver is engaged in the operation,
acquisition, exploration, and development of mineral properties in
Latin America. The Bolivian
operations are comprised of the Bolivar, Porco and the Caballo
Blanco Group, which consists of the Tres Amigos, Reserva and
Colquechaquita mines. The Soracaya exploration project and
San Lucas ore sourcing and trading
business are also in Bolivia. The
Zimapan mine is in Mexico.
'signed'
Arturo Préstamo Elizondo,
Executive Chairman and CEO
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 Santacruz Silver Mining Ltd.