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Alliance Mineral Assets issues options to Canaccord Genuity (Australia) as payment
AUSTRALIAN miner Alliance Mineral Assets has issued three tranches of options to Canaccord Genuity (Australia) Ltd as payment for its corporate advisory services.
Each tranche, consisting of 3.8 million options, expires three years from the date of issue. They have an exercise price of 24 Singapore cents, 30 Singapore cents and 36 Singapore cents, representing a premium of 20 per cent, 50 per cent and 80 per cent respectively to the company's weighted average price of 19.96 cents on March 14 this year.
Alliance Mineral said that it has chosen to issue options to Canaccord in order to conserve its cash positions, and to align Canaccord's interests with that of shareholders for the long-term growth of the company.