i think this is the reason of the holding of the SP, will be interesting to know is this PP will be open to the same people involved before or will be for institution.
Mr. Gagnon entered into an employment contract with the Company dated November 4, 2013 that
continued indefinitely at a current yearly salary of CA$200,000. The Company entered into a further
agreement with Mr. Gagnon dated April 25, 2015 whereby his employment would continue to August
15, 2015 to enable a smooth transition to the new COO. Severance of one and a half months’ salary
would be payable on August 15, 2015. The expiry date of his stock options were extended to one year
from August 15, 2015. This would be conditional upon the Company’s stock option plan being amended
at the next annual general and special meeting of shareholders to allow for this, otherwise his stock
options would expire in 180 days from August 15, 2015. Therefore, this condition is to be made on a
best efforts basis and subject to all necessary regulatory and TSX Venture Exchange (the “Exchange”)
approvals. Mr. Gagnon had a prior approved bonus whereby he would receive a bonus upon
completion of a financing. This bonus has been amended such that he will receive a bonus of 6
months’ salary on completion of a successful private placement financing equal to or in excess of ten
million dollars ($10,000,000), excluding option or warrant exercises, essentially new money, if such
financing is completed prior to August 15, 2015. All of the above terms are subject to necessary
regulatory and Exchange approvals.
