Sonomax Hearing Healthcare Inc. (TSX Venture: SHH) announces that its Board of Directors has granted stock options to nine directors and officers in respect of an aggregate of 8,644,375 common shares. In addition, Sonomax has granted stock options to an aggregate of 20 employees and consultants, including one investor-relations consultant, in respect of an aggregate of 5,098,750 common shares. The stock options were granted under Sonomax's 2001 Stock Option Plan.
The exercise price of the stock options is $0.10 per share. The last closing price of Sonomax's common shares on the TSX Venture Exchange was $0.045. The stock options vest in three equal tranches commencing six months from the date of grant and will be fully vested in 18 months. They expire five years from the date of grant.
Sonomax also announces that it has cancelled stock options held by an aggregate of four non-executive employees and eight consultants, including one investor-relations consultant, in respect of an aggregate of 2,510,000 common shares. The cancelled stock options had exercise prices ranging from $0.245 to $0.40. The non-executive employees and consultants whose stock options were cancelled were among those who received the new grant of options.
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