Halifax, Nova Scotia–(Newsfile Corp. – May 13, 2022) – Torrent Capital Ltd. (TSXV: TORR) (the “Company”) is pleased to announce that it has granted 100,000 incentive stock options under the Company’s Stock Option Plan (“Option Plan”) to new directors and 25,000 options to a consultant.
Each option is exercisable into one common share at a price of $0.95 per share and will vest at the rate of 50% on each of the six and twelve month anniversary of the grant date. 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 Company’s Option Plan.
The Company has also issued 190,000 restricted share units (“RSU”) to directors and officers and 7,500 RSU’s to a consultant under the Company’s Restricted Share Unit Plan (“RSU Plan”). Each RSU will vest immediately; all other terms and conditions of the RSU’s are in accordance with the terms of the Company’s RSU Plan.
About Torrent Capital
Torrent is a publicly traded investment issuer that invests in the securities of private and publicly traded companies. The Company invests in companies that are due to experience accelerated growth or are trading at a discount to their intrinsic value. Torrent offers investors the potential to earn above market returns while providing transparency, daily liquidity and a modest fee profile compared to competing investment products. Currently, the Company is actively researching investment opportunities in the clean technology sector.
For further information, please contact:
Torrent Capital Ltd.
Chief Financial Officer
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Torrent disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The reader is referred the Company’s annual financial reporting for a discussion of risks and uncertainties.
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