TORONTO, Dec. 07, 2023 (GLOBE NEWSWIRE) -- FRNT Financial Inc. (TSXV:FRNT) (OTCQB:FRFLF) (FSE:XZ3) (“FRNT” or the “Company”) announces that it has granted 800,000 stock options (the “Options”) to David Washburn, President of the Company (the “Optionee”) pursuant to the Company’s stock option plan. The Options will vest in eight equal installments every three months, with the first vesting date on December 6, 2023. Each Option is exercisable, for a period of five years from the applicable vesting date, to acquire one common share of the Company (“Common Share”), with 500,000 of the Options exercisable at an exercise price of C$0.40, 200,000 of the Options exercisable at an exercise price of C$0.75, and 100,000 of the Options exercisable at an exercise price of C$1.00.
In addition, the Company has negotiated with the Optionee to amend the vesting provisions of the Optionee’s previously issued 800,000 Options. The Optionee’s previously issued Options were scheduled to vest in 12 equal quarterly installments, with each such Option being exercisable for one Common Share at an exercise price of $1.50 for a period of five years from the date of vesting of such Option. Pursuant to the amendment, the first 10 installments of Options will now vest on February 20, 2025. All other terms of the previously issued Options remain the same.
About FRNT Financial Inc.
FRNT is an institutional capital markets and advisory platform focused on digital assets. FRNT, through a technology-forward and compliant operation, aims to bridge the worlds of traditional and web-based finance. Partnering with both financial institutions and crypto native firms, FRNT operates 5 synergistic business lines including deliverable trading services, institutional structured derivative products, merchant banking, advisory and consulting, and principal investments & trading. Co-founded in 2018 by CEO Stéphane Ouellette, FRNT is a global firm headquartered in Toronto, Canada.
FRNT FINANCIAL INC.
Chief Executive Officer
Stéphane Ouellette
investors@frnt.io
833 222-3768
https://www.frnt.io
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Note Regarding Forward-Looking Information
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable law. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: the general risks associated with the speculative nature of the Company’s business, current global financial conditions, uncertainty of additional capital, price volatility, no history of earnings, government regulation in the industries in which the Company operates, political and economic risk, absence of
public trading market, arbitrary offering price, dilution to the Company’s common shares, dependence on key personnel, currency fluctuations, insurance and uninsured risks, competition, legal proceedings, conflicts of interest and lack of dividends. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. The Company does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
