Vancouver, British Columbia-based Finavera Renewables Inc. has canceled and is re-granting most of its incentive stock options to certain directors, officers, employees and consultants in order to retain and provide proper incentive for the company's key staff.
The company has canceled incentive stock options that have been outstanding for over one year and is granting new stock options to certain individuals, entitling them to purchase up to approximately 14 million common shares of the capital stock in the company at a price of C$0.10 per share for a period of five years.
Under the company's stock option plan, a total of 10% of the issued stock is available for incentive stock options (currently totaling about 24 million stock options). After the grant of the options described above, Finavera will have approximately 9 million stock options available for future issuance under the company's stock option plan.
The issuance of these options is subject to the approval of the TSX Venture Exchange.
SOURCE: Finavera Renewables Inc.