Prodigy Ventures Inc. (TSXV: PGV) (“Prodigy” or the “Company”) today announced that it has amended its option plan to reduce the number of options that may be issuable under such plan. The option plan is a rolling plan and allows for a number of options equal to 10% of the issued and outstanding common shares to be issued thereunder. Given that the Company converted all of its previously outstanding restricted voting shares into common shares last year there are now approximately 116,678,820 common shares outstanding such that with the current plan the Company would be able to issue up to approximately 11,667,882 options. Since the Company currently has only 772,500 options outstanding the 10% limit is far more than what management anticipates will be required. As a result, the board of directors has reduced the number of options issuable under the option plan to 3% of the issued and outstanding common shares.
The Company is also announcing today that the board of directors of the Company has decided to temporarily suspend the Company’s quarterly dividend. Although the Company has been adapting well to the disruptions caused by the COVID-19 pandemic, management believes that due to the potential business uncertainty relating to COVID-19, it is in the best interest of the Company to conserve its cash resources. The Company’s board of directors will continue to review the dividend quarterly.