Halifax, August 23, 2023 - E-Tech Resources Inc. (TSXV: REE) (FSE: K2I) ("E-Tech" or the "Company") announces that it has granted 1,200,000 stock options under the Company's Stock Option Plan (the "Plan") to its recently appointed President and CEO, Mr. Todd Burlingame.
Each option is exercisable into one common share at an exercise price of $0.10 per share. 600,000 options will vest at the rate of 25% on each of the six-month anniversary dates of the grant, and the remaining 600,000 will vest based on specific company performance criteria. The options will expire five years from the date of grant. All other terms and conditions of the options are in accordance with the terms of the Plan.
About E-Tech Resources Inc.
E-Tech is a rare earth exploration and development company focused on developing its Eureka Rare Earths Project in Namibia. The Eureka project is located approximately 250 km north-west of Namibia's capital city Windhoek and 140 km east of Namibia's main industrial port Walvis Bay. The project is situated next to the national B1 highway in the Erongo Region of Namibia.
The Eureka deposit lies in the Southern Central Zone of the Neoproterozoic Damara Belt within Exclusive Prospecting License ("EPL") number EPL 6762, which covers farms Eureka 99 and Sukses 90. E-Tech has also entered a definitive agreement to acquire an 85% interest in the permit EPL 8748 which lies adjacent to and surrounds the Company's EPL 6762.
Namibia is recognized as one of Africa's most politically stable jurisdictions, with an extremely well-established national infrastructure and a clear and transparent mining law.
This press release may contain forward-looking information. This information is based on current expectations and assumptions (including assumptions relating to general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from results suggested in any forward-looking information. E-Tech does not assume any obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by securities laws applicable to E-Tech. Additional information identifying risks and uncertainties is contained in the filings made by E-Tech with Canadian securities regulators, which filings are available at www.sedarplus.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact Rob Randall, CFO of E-Tech Resources Inc., at (902) 442-7187.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/178233