- 08 July, 2020 - Corporate News
July 8, 2020 – Vancouver, British Columbia – Standard Uranium Ltd. (TSX.V: STND) (“Standard Uranium” or the “Company”) announces that its board of directors has authorized the payment of a one-time performance incentive bonus (the “Incentive Bonus”) to the President and Chief Executive Officer of the Company, Jon Bey. The Incentive Bonus is intended to compensate Mr. Bey for services provided in connection with the successful listing of the Company on the TSX Venture Exchange (the “Exchange”), and to reflect the below market compensation Mr. Bey agreed to accept during the initial listing and financing process.
“The Board of Directors commends Mr. Bey for his substantial efforts over the past two years. His successful guidance of the Company through the Exchange listing process and initial financing rounds has added great value for all stakeholders.” Stated Blair Jordan, lead independent Director.
The Incentive Bonus will include: the issuance of 800,000 common shares of the Company (the “Bonus Shares”); upon issuance, the Bonus Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws and the policies of the Exchange.
The Incentive Bonus constitutes a “related party transaction” within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (the “MI 61-101”). In connection with payment of the Incentive Bonus, the Company intends to rely upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 set forth in sections 5.5(a) and 5.7(1) (a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of the Incentive Bonus does not exceed twenty-five percent of the market capitalization of the Company (as determined under MI 61-101).
Issuance of the Bonus Shares, in accordance with the Incentive Bonus, remains subject to the approval of the Exchange. In accordance with the policies of the Exchange, the Company is also required to obtain disinterested shareholder approval for the Incentive Bonus. The Company intends to obtain such approval by way of written consent of the holders of the majority of the outstanding share capital of the Company, after excluding those shares held by Mr. Bey and his associates, affiliates and immediate family members. Holders consenting to the Incentive Bonus will be provided with a copy of this news release, and will be asked to confirm that they would vote in favour of payment of the Incentive Bonus in the event it was presented for approval at a meeting of the shareholders of the Company.
The Company will issue a further news release once the requisite approval of the Exchange, and disinterested shareholders, has been obtained, and the Incentive Bonus has been paid.
About Standard Uranium
We find the fuel to power a clean energy future
Standard Uranium is a mineral resource exploration company based in Vancouver, British Columbia. Since its establishment, Standard Uranium has focused on the identification and development of prospective exploration stage uranium projects in the Athabasca Basin in Saskatchewan, Canada. Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, is comprised of 21 mineral claims over 25,886 hectares. The Davidson River Project is highly prospective for basement hosted uranium deposits, yet remains untested by drilling despite its location along trend from recent high-grade uranium discoveries. A copy of the 43-101 Technical Report that summarizes the exploration on the project is available for review under Standard Uranium’s SEDAR issuer profile (www.sedar.com).
On behalf of the Board,
Standard Uranium Ltd.
President and Chief Executive Officer
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian and United States securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the anticipated payment of the Incentive Bonus, the process by which the Company intends to obtain disinterested shareholder approval for the payment of the Incentive Bonus, regulatory requirements or approvals necessary for the payment of the Incentive Bonus, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.