VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 9, 2014) - Reservoir Minerals Inc. ("Reservoir" or the "Company") (TSX VENTURE:RMC)(RVRLF)(9RE.BE) announces that pursuant to the Company's stock option plan, 664,000 incentive stock options exercisable at $4.12 per share for a period of five years have been granted to directors, officers, employees, consultants and management company employees of the Company. The options are subject to vesting such that 30% of the Options shall vest 12 months from the date of grant, 30% shall vest 24 months from the date of grant, and 40% shall vest 36 months from the date of grant. The last option grant the Company made was in July 2012 at an exercise price of $ 1.02.
The Company also announces that pursuant to the Company's Restricted Share Unit Plan, 980,000 restricted share units have been granted to directors, officers and employees of the Company. The restricted share units will be redeemable by the issuance of Common Shares of the Company, subject to vesting criteria, such that 10% will vest 12 months from the date of grant, 20% will vest 24 months from the date of grant, and 70% will vest 36 months from the date of grant. An additional 100,000 restricted share units that will vest 7 months from the date of grant have been granted to the Company's President and CEO. This grant relates to a performance share bonus awarded in 2012 but not issued at the time due to blackout trading restrictions. All such Common Share issuances will be subject to restrictions on disposition for a period of four months from the grant date.
Compensation Philosophy
Reservoir has put in place a forward looking compensation structure for directors, officers, employees and consultants, to ensure that the Company can continue to build and maintain a successful and motivated discovery and development team, and importantly align the Company's future success with that of shareholders. Key aspects include:
Capital management is critical to Reservoir as a successful generator of projects using shareholder funds. The Company aims to continue to manage capital and treasury efficiently and has put long dated equity ahead of cash for all in the Company.
Reservoir is a knowledge company and success is driven by its people, our best asset and largest fixed cost. Salaries across the Company have been held flat in 2013 and 2014 and are in the lowest quartile when compared to the Company's industry peers. Total cash bonuses in 2013 and 2014 were $74,000 and split between 16 members of our Serbian discovery team. The Reservoir team is incentivised by long term equity rewards, a majority of restricted share units (70%) and significant incentive stock options (40%) vest in the three years time.
About the Company
Reservoir Minerals Inc. is an international mineral exploration and development company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties in Europe and Africa. The Company operates an exploration partnership business model to leverage its expertise through to discovery.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to exploration results, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Reservoir Minerals Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of commodities, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.