G'day Immmelman. I agree the incentive package is quite reasonable given the pretty significant milestones required for vesting. The first will be a fund raising of $15m, the second upgrading the JORC resource to 500Mt in the INDICATED (or better) category (note the global resource on the project will likely be much bigger than 488Mt by the time that happens and prob June next year) and also signing of an infrastructure agreement (again prob mid next year).
Given these are LOAN shares and the company will ultimately receive the cash for the shares i think it works quite nicely and that ~10% of the company is fair - particularly when you consider how little is being drawn out by the board in salaries (board and executives of this quality getting paid only between $60k and $100k each is unprecedented as far as I am aware particularly when they are effectively working as the executive)....
Just my opinion
EIO Price at posting:
32.0¢ Sentiment: Buy Disclosure: Held
