Vancouver, British Columbia, July 12, 2023 (GLOBE NEWSWIRE) -- Minerva Intelligence Inc. (TSXV: MVAI) (“Minerva” or the “Company”) announces the granting of incentive stock options to certain of its directors, officers and consultants to purchase up to an aggregate of 6,200,000 common shares in the capital stock of the Company, exercisable at $0.065 per share over a period of 3 years. The stock options vest immediately.
The grant of options to the directors and officers of the Company may constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for exemptions from the formal valuation and minority shareholder approval requirements, respectively, of MI 61-101, as, neither the fair market value of the subject matter of, nor the fair market value of the grant of the Options, exceeds 25% of the Company’s market capitalization.
On Behalf of the Board of Directors of
MINERVA INTELLIGENCE INC.
“Mihalis Belantis”
Mihalis Belantis, CEO
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. 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 press release.
