The board of directors of Catch the Wind Ltd. (CTW), a developer and manufacturer of the Vindicator laser wind sensor based in Manassas, Va., has approved the grant of incentive stock options to senior officers and a director of the company to purchase an aggregate total of 500,000 common shares.
The options are exercisable over a five-year period at a price of C$1.50 each, representing the closing price of CTW's common shares on the TSX Venture Exchange on July 15, the date preceding the date of grant. All of the options are conditional upon the receipt of all necessary regulatory and stock exchange approvals.
There are now a total of 2.05 million options to purchase common shares of CTW outstanding under the company's stock option plan. The company currently has approximately 55 million outstanding shares, of which 10% – or 5.48 million – is reserved for the issuance of options.
SOURCE: Catch the Wind Ltd.