At the Annual Meeting, all of management's nominees, being Mr. Sandy Miller, Mr. Tom McDonnell, Mr. David Forseth, Mr. Phil DeLeon and Mr. Michael Linn, were elected to the Company's Board of Directors for the ensuing year. In addition, BDO Seidman, LLP, of Memphis, Tennessee, were reappointed as the Company's auditors.
At a Board of Directors' meeting held immediately following the conclusion of the Annual Meeting, the independent directors, namely, Messrs. Forseth, DeLeon and Linn were each granted 15,000 options to acquire common shares in the capital of FSNA in accordance with the Company's amended and restated stock option plan, for their services to the Company as directors.
Pursuant to the terms of the option agreements entered into between the Company and each of the Independent Directors, and subject to earlier termination in accordance therewith, the Options will vest over a period of four years, with 25% of the Options vesting on each of the first, second, third and fourth anniversary date of the grant of the Options. Each Option has an exercise price of $0.85 per Option, being an amount equal to the price per Common Share sold pursuant to the Company's recent prospectus offering.
"We are very pleased to award these options to these individuals providing direction and advice to the Company, and this complements their own personal investments in the Company as shareholders," said Sandy Miller, Co-Chairman and Co-Chief Executive Officer of the Company.
Also at the Directors' Meeting, certain amendments to the Option Plan were approved by the directors in accordance with the requirements of the TSX Venture Exchange. -- www.cnxmarketlink.com
