CleanTech Announces Intention to Amend Option Terms
The Company intends to adjust the exercise price of 3,050,000 Options from $0.20 to $0.06, 4,030,000 Options from $0.18 to $0.06, 880,000 Options from $0.135 to $0.06, 100,000 Options from $0.16 to $0.06 and 1,030,000 Options from $0.10 to $0.06. The new exercise price in respect of the Options is set at the closing price of the common shares of the Company on August 13, 2025. An aggregate of 8,230,000 Options subject to the Option Repricing are held by insiders of the Company (the "Insider Options"). The completion of the Option Repricing is subject to, among other things, the approval of the TSX Venture Exchange ("TSXV"). Additionally, in accordance with the policies of the TSXV, repricing of the Insider Options is subject to disinterested shareholder approval in accordance with TSXV Policy 4.4 - Security Based Compensation.
The purpose of the Option Repricing is primarily to encourage the early exercise of such Options.
Related Party Transaction
Certain of the directors, officers and other related parties of the Company hold an aggregate of 8,230,000 Options subject to the Option Repricing. Accordingly, the repricing of Options held by related parties of the Company is expected to constitute a "related party transaction" of the Company under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101").
It is expected that pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, the Company will be exempt from obtaining a formal valuation and minority approval of the Company's shareholders as the fair market value of repriced Options held by related parties of the Company is expected to be below 25% of the Company's market capitalization as determined in accordance with MI 61-101.
A material change report including details with respect to the related party transaction may be filed less than 21 days prior to the closing of the Option Repricing as the Company wishes to complete such transactions in a timely manner.
About CleanTech Vanadium Mining Corp.
CleanTech is a mining company focused on critical mineral resources in the USA. The Company has an option to acquire 7,180 acres of mineral rights with historic Fluorspar resources across multiple projects in Illinois-Kentucky Fluorspar district. CleanTech also owns a 100% interest in the Gibellini Vanadium Mine Project in Nevada.
Further information on CleanTech can be found at www.cleantechvanadium.com
ON BEHALF OF THE BOARD
"John Lee" Chief Executive Officer
For more information about CleanTech, please contact:
Phone: 1.877.664.2535Email: info@cleantechvanadium.comwww.cleantechvanadium.com
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/262495
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