TORONTO, Oct. 16, 2014 /CNW/ - Sumtra Diversified Inc.
(NEX Board: SDV.H) ("Sumtra" or the "Company") announced today
that, subject to regulatory approval and shareholder ratification,
it has amended its 10% rolling stock option plan to decrease the
minimum exercise price for options granted thereunder from
$0.10 per share to $0.05 per share (the "Plan Amendment"),
consistent with recent amendments to the minimum pricing rules of
the TSX Venture Exchange.
In addition, subject to regulatory approval, disinterested
shareholder approval and shareholder ratification of the Plan
Amendment, it has amended the exercise price of 563,650 stock
options previously granted to directors and officers under its
stock option plan from $0.10 per
share to $0.05 per share (the "Option
Amendments") to better incentivize such service providers. The
amended exercise price continues to represent a significant premium
to the trading price of Sumtra's common shares. The amended
exercise price will not be effective unless and until both
shareholder ratification is received for the Plan Amendment and
disinterested shareholder approval is received for the Option
Amendments.
Sumtra also announced that, subject to regulatory approval,
disinterested shareholder approval and shareholder
ratification of the Plan Amendment, it has granted options to
acquire an additional 60,000 common shares to directors and
officers under the Company's stock option plan. Each option vests
immediately and entitles the holder to acquire one common share at
an exercise price of $0.05 per share
until April 13, 2021, the same expiry
date as all currently outstanding options. Until all required
shareholder approvals are received or if not ultimately received,
the options will be exercisable at a price of $0.10 per share.
Neither 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 Sumtra Diversified Inc.