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CALGARY, Alberta, April 25, 2022 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. ("CPS" or the "Company") (TSXV: CPS) is announcing the inaugural grant of share options ("Options") to acquire common shares ("Common Shares") under its new omnibus equity incentive compensation plan (the "Plan"). The Plan’s objective is to create an incentive compensation program that is aligned with the Company’s long-term objectives. The Options are granted in accordance with Policy 4.4 – Security Based Compensation of the TSX Venture Exchange (the “Exchange”) and the terms and conditions of the Plan.
The Plan provides for a "rolling" number of Options, Restricted Share Units ("RSUs"), Deferred Share Units ("DSUs"), Performance Units ("PSUs") and other share-based awards that may be issued under the Plan of up to a maximum of ten percent (10%) of the Company's issued and outstanding share capital from time to time. In no event will the maximum number of Common Shares of the Corporation available for issuance under the Plan exceed ten percent (10%) of the Corporation's issued and outstanding Common Shares from time to time, less the number of Common Shares reserved for issuance under all other security-based compensation arrangements of the Corporation.
The Plan replaces the Company's previous Stock Option Plan and RSU Plan. Accordingly, the Company has terminated the Option Plan and the RSU Plan and all outstanding stock options of the Company granted under the Option Plan, being 2,065,000 stock options, will be governed by the Plan on substantially the same terms.
The Plan was conditionally accepted, subject to final acceptance, by the Exchange on February 18, 2022 and approved by the Company's shareholders at the Company's annual and special shareholder meeting held on March 31, 2022 (the "Shareholder Meeting").
The principal terms of the Plan are summarized in the management information circular filed in connection with the Shareholder Meeting and which is available under the Company's profile on SEDAR at www.sedar.com. A copy of the Plan is also attached as Schedule "B" to this information circular.
With the adoption of the Plan, the Company announces the grant of 1,050,000 Options, including 400,000 granted to its independent directors and 600,000 to its executive officers with the balance granted to employees and consultants. The Options are exercisable at $0.42 per Common Share expiring April 25, 2027. As of the date hereof, there are 45,615,660 Common Shares issued and outstanding, and therefore, a maximum of 4,561,566 Options, RSUs, DSUs, PSUs and other share-based awards that may be issued under the Plan on a combined basis are issuable under the Plan, of which an aggregate of 3,115,000 Options have been granted.
About Canadian Premium Sand Inc.
The Company is developing manufacturing capacity for ultra high-clarity solar glass through a Company-owned facility to be located in Selkirk, Manitoba that utilizes the high-purity, low-iron silica sand from its wholly owned Wanipigow quarry leases and renewable Manitoba hydroelectricity. The Company is a reporting issuer in Ontario, Alberta and British Columbia. Its shares trade on the TSXV under the symbol "CPS".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
| Canadian Premium Sand Inc. | |
| Glenn Leroux | Cam Deller |
| President and Chief Executive Officer | Chief Financial Officer |
| glenn.leroux@cpsmail.com | cam.deller@cpsmail.com |
Investor Relations
IR@cpsmail.com
587.355.3714
www.cpsglass.com
