CALGARY, ALBERTA–(Marketwired – Dec. 17, 2015) –
Leucrotta Exploration Inc. (the “Corporation“) (TSX VENTURE:LXE) announces that its board of directors has approved the granting of incentive stock options (“Options“) under its stock option plan to certain of its directors and officers to acquire up to an aggregate of 1,575,000 common shares (“Common Shares“) of the Corporation and the granting of Options to certain of its employees and consultants to acquire up to an aggregate of 523,950 Common Shares.
All of the Options are exercisable for a period of four years at a price of $0.80 per Common Share and 33 1/3% of the Options will vest on the date that is one year after the date of the grant of such Options and the remainder will vest 33 1/3% per year thereafter.
Following the grant of the Options, Leucrotta will have a total of 8,894,900 Options outstanding. Leucrotta’s share based incentive plans limit the total number of Common Shares underlying the outstanding stock options and performance warrants to no more than 10% of the issued and outstanding Common Shares. As of the date of this press release, the total number of Common Shares underlying the outstanding stock options and performance warrants represents about 9.9% of the issued and outstanding Common Shares.