CleanTech Announces Shares for Salary with Senior Management to Align with Shareholder Interest
Vancouver, November 25, 2024 - CleanTech Vanadium Mining Corp. (TSXV: CTV) (OTCQB: CTVFF) ("CleanTech" or the "Company") is pleased to announce that it has entered into a Shares for Services Agreement with its senior management team effective November 1, 2024 (the "Shares for Services Agreement"). Pursuant to the terms of the Shares for Services Agreement, the senior management team has agreed to convert 15% of their salary into common shares in the capital of the Company ("Common Shares") on a monthly basis.
John Lee, the Company's CEO and Chairman agreed to accrue CAD1,500 of his monthly salary, Ron Espell, the Company's President agreed to accrue USD3,437 of his monthly salary and Rob Van Drunen, the Company's Chief Operating Officer agreed to accrue CAD3,125 of his monthly salary.
Each of the above accruals shall convert into Common Shares on a monthly basis at a deemed price equal to the Maximum Discounted Market Price (as such term is defined in Policy 1.1 of the TSX Venture Exchange), up to a maximum discount of 25% (the "Conversion"). The Company shall have the option to pay any accrued amounts in cash at its sole discretion.
The Shares for Services Agreement is subject to TSX Venture Exchange approval. Securities issued pursuant to the Shares for Services Agreement will be subject to regulatory four month hold periods.
About CleanTech Vanadium Mining Corp.
CleanTech is an exploration-stage mining company focused on vanadium and critical mineral resources. The Company owns a 100% interest in the Gibellini vanadium project in Nevada, United States.
Further information on CleanTech can be found at www.cleantechvanadium.com.
CLEANTECH VANADIUM MINING CORP.
ON BEHALF OF THE BOARD
John Lee
Chief Executive Officer
For more information about CleanTech, please contact:
Suite 1610 - 409 Granville Street
Vancouver, BC V6C 1T2
Phone: 1.877.664.2535
Email: info@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/231315
