Toronto, Ontario, January 5, 2021 – Compass Gold Corporation (TSX-V: CVB) (Compass or the Company) announced today that the Board of Directors has approved the issuance of 1,126,000 options, which will vest over a period of three years, to officers, employees and consultants of the Company. Each option is exercisable into one common share of the Company (each, a “Common Share”) at an exercise price of $0.25 per Common Share and has a term of five years.
The total number of outstanding options under the Company’s plan, including the grant above, is now 4,936,000 options or approximately 6.8% of the outstanding Common Shares. The Stock Option Plan allows for up to 10% of the outstanding Common Shares to be reserved for stock options.
Clarification Regarding SEDI Filings by Reporting Insiders
The Corporate Finance Branch of the Ontario Securities Commission (“OSC”) recently selected the Company for a review of: (i) the insider reports filed by its reporting insiders on the System for Electronic Disclosure by Insiders (“SEDI”), and (ii) the information filed by the Company on SEDI. The review was conducted by the OSC in the ordinary course. Arising from the review, updates have been made to the SEDI disclosure of certain reporting insiders of the Company. The Company notes that all relevant disclosures of option grants and share issuances by the Company to such reporting insiders have been previously disclosed via press release or applicable corporate filings as required by securities laws and/or TSX Venture Exchange requirements. To the knowledge of the Company, the SEDI disclosure of its reporting insiders is now up-to-date.