TSX: SIL | NYSE American: SILV
VANCOUVER, BC, June 4, 2021 /CNW/ - SilverCrest Metals Inc.
("SilverCrest" or the "Company") today announced that its Board of
Directors has approved amendments to the Company's new Equity Share
Unit Plan (the "SU Plan") and its existing Stock Option Plan
("Option Plan") further to comments on the SU Plan received
from an independent proxy advisory firm in order to align these two
stock incentive plans with leading governance practices. The SU
Plan, as amended, is subject to shareholder approval which is being
sought at the Company's annual general meeting to be held on
Tuesday, June 15, 2021. The
amendments to the Option Plan do not require shareholder
approval.
As a result of the amendments, the Company's maximum allocations
for the SU Plan and the Option Plan will now be an aggregate of 7%
of the outstanding common shares of the Company ("Common Shares")
from time to time, broken down as follows:
- SU Plan – 1.5% (reduced from 4%) of the outstanding Common
Shares from time to time to settle share units (including
restricted share units and performance share units) and deferred
share units granted under the SU Plan.
- Option Plan – 5.5% (reduced from 10%) of the outstanding Common
Shares from time to time for stock options granted under the Option
Plan.
The reduced allocations of Common Shares for the SU Plan and the
Option Plan are intended to reduce potential dilution to
shareholders of the Company and the potential cost of these two
stock incentive plans. At the same time, the Company will still,
have the ability to, grant performance-based stock incentives that
are aligned with evolving governance standards and the Company's
transition towards precious metal production.
The amended and restated SU Plan and Option Plan are available
on the Company's website
https://silvercrestmetals.com/about-us/governance/.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals exploration and
development company headquartered in Vancouver, BC, that is focused on new
discoveries, value-added acquisitions and targeting production in
Mexico's historic precious metal
districts. The Company's top priority is on the high-grade,
historic Las Chispas mining district in Sonora, Mexico, where it has completed a
feasibility study on the Las Chispas Project and is proceeding with
mine construction. Startup of production at the Las Chispas Mine is
targeted for mid-2022. SilverCrest is the first company to
successfully drill-test the historic Las Chispas Property resulting
in numerous high-grade precious metal discoveries. The Company is
led by a proven management team in all aspects of the precious
metal mining sector, including taking projects through discovery,
finance, on time and on budget construction, and production.
N. Eric Fier, CPG, P.Eng
Chief Executive Officer
SilverCrest Metals Inc.
Website: www.silvercrestmetals.com
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SOURCE SilverCrest Metals Inc.