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TORONTO, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Reviva l Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the“Company”), a growth-focused gold exploration and development company, announces that shareholders have approved the Company's amended 10% rolling stock option plan (the“Plan”) at its Annual General and Special Meeting of Shareholders held on November 22nd, 2022, in Toronto (the“Meeting”).
The maximum number of common shares which may be issued under the Plan is 10% of the Company's issued and outstanding share capital at the date of grant. The Plan has a ‟rolling” limit, as the number of shares reserved for issuance pursuant to the grant of stock options will automatically increase as the Company issued and outstanding share capital increases. The limit includes outstanding stock options previously granted. The Plan is subject to annual approval of shareholders and the TSX Venture Exchange (“TSXV”).
A copy of the Plan was appended to the Company's information circular pertaining to the Meeting dated October 14, 2022 (the“Circular”) and is available under the Company's profile on SEDAR.
As further discussed in the Circular, the principal amendments to the Plan ensure compliance with the revised Policy 4.4 of the TSXV and include: (i) defining grant limits to certain participants who are eligible to receive grants of stock options under the Plan; (ii) amending the exercise provisions to permit Cashless Exercise (as defined in the Plan) by Plan participants; (iii) amending the exercise provisions to permit Net Exercise (as defined in the Plan) by Plan participants; (iv) amending the expiry provisions to provide that should the expiry date for an option fall within a Black-Out (as defined in the Plan), such expiry shall be automatically extended to that day which is the tenth business day after the end of the Black-Out”, and (v) requiring disinterested shareholder approval for any extension to the term of a stock option granted to an insider of the Company.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach operations. Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold NI-43-101 Technical Report by Wood plc dated July 13th, 2022, for further details). The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.
Revival Gold has approximately 86.9 million shares outstanding and a cash balance of C$3.4 million as of September 30th, 2022. All figures in this news release are in metric units and in $US unless stated otherwise. Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at or on SEDAR at .
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