Diamcor to issue compensation shares

Diamcor Mining Inc., upon the recommendation of its Compensation Committee and subject to TSX Venture Exchange and disinterested shareholder approval, has authorized the granting of an aggregate of 568,940 compensation shares of common stock (Compensation Shares) to certain Company officers, directors and employees at a deemed issue price of $0.50 per Compensation Share.

The Compensation Shares were recommended by the Company’s Compensation Committee in March 2008 and were ratified by the Board of Directors in March 2008, subject to TSX Venture Exchange approval and disinterested shareholder approval. The Company has recently received notification from the TSX Venture Exchange that it will extend the application of the TSX Venture Exchange policy for compensation shares issued by Tier 1 issuers to the Compensation Shares approved by the Company.

The purpose of the Compensation Shares is to recognize the outstanding performance of these included officers, directors and employees during the preceding fiscal year in a manner that preserves the working capital of the Company, with a secondary goal of incentivizing these individuals with equity interests more in line with industry standards. The Compensation Committee believes that the increased equity for these individuals will advance the Company’s management retention and business plan objectives.

Source : http://www.diamcormining.com/

Story link: Diamcor to issue compensation shares