(Calgary, AB): Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) announces that it has granted an aggregate of 525,000 restricted share rights (the “RSRs”) and 500,000 stock options (the “Options”) to certain directors, officers, and consultants of the Company, in accordance with the terms and conditions of the Company’s New Equity Incentive Plan.
Each Option is convertible into a common share in the capital of the Company at an exercise price of $0.35 for a term of five years. All RSRs and Options vest on the date of the grant and, pursuant to the policies of the Canadian Securities Exchange, are subject to a hold period of four months from the date of the grant.
The grant of an aggregate of 200,000 of the RSRs and the Options to insiders of Traction is considered to be a related-party transactions as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the grants does not exceed 25% of Traction’s market capitalization.
The material change report to be filed in relation to the grant of RSRs and Options was not be filed at least 21 days prior to the completion of the grant as contemplated by MI 61-101. The Company believes that this is reasonable and necessary in the circumstances as the completion of the grant occurred shortly before the issuance of this news release and the filing of such material change report.
About Traction Uranium Corp.
Traction Uranium Corp. is in the business of mineral exploration and the development of discovery prospects in Canada, including its two flagship uranium projects in the world-renowned Athabasca Region. The Company invites you to find out more about its exploration-stage activities across Canada’s Western region at www.tractionuranium.com.
On Behalf of The Board of Directors
Chief Executive Officer
+1 (604) 561 2687
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Important factors that could cause actual results to differ materially from the Company’s expectations are described in the Company filings publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents
of this press release.