If the deal goes ahead and the CR gets up then the Commissar has completed the only performance criteria associated with the directors options, that is complete a capital raise of $4m before Dec. So come Dec, our directors have already received their first tranche options "The Tranche 1 Options have an exercise price of A$0.03 and vest immediately upon the granting of the Options, following shareholder approval of this Resolution" as they deemed "The exercise price is 30% above the prevailing share price at the time the notice of meeting was issued. It is further submitted that this is a fair recognition of the recent capital placement of $1.4 million, being the only capital transaction for some time and was raised within weeks of the current board being fully constituted. " So they GAVE themselves the first tranche.
The third tranche options "The Tranche 3 options have an exercise price of A$0.10 and vest at the earlier of: 1 the volume weighted average price of the Company’s Shares traded on the ASX for 30 consecutive business days exceeding A$0.15, or 2 one year from the date of approval of this Resolution at the Annual General Meeting." So we can see they will get their third tranche for nothing as of 15 December 2021.
So the only options that required any performance were the tranche two options "The Tranche 2 Options have an exercise price of A$0.05 and vest upon the completion of capital raised of not less than $4 million over the next 12 months following the date of this AGM." The Commissar has already completed a $2m raise with DMH (anyone know who they are?) and will get $1m from Macro Metals (our cornerstone investor what a joke) and is hoping to raise a further further "$1M targeted to be placed by Kogi". So the Commissar will complete the $4m raised conditions to get his second tranche. Our dear Commissar will have received 20,000,000 options for his hard work come 15 December 2021. No further information on on how this targeted placement will be conducted or who this targeted placement is to, classic Craig.
And yet we still do not have an AGM notice with an Agenda or Resolutions to be voted on.
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