Ryan Gold Announces Granting of Stock Options
Note our comment below.
TORONTO, ONTARIO, Jun 26, 2012 (MARKETWIRE via COMTEX) -- Ryan Gold Corp. (TSX:RYG.V) ("Ryan Gold" or the "Company") announces that it has granted 3,700,000 stock options to directors and officers of the Company to purchase common shares of the Company at an exercise price of $0.40 per share expiring June 26, 2017. All options will vest as follows: 1/3 after year one, 1/3 after year two and 1/3 after year three.
Our comment: Yet another example of an exploration company taking advantage of their own poor price performance to reward management with an obscene number of free low-priced options while shareholders who invested their hard-earned money at much higher prices have no possibility for such relief. In our subscriber charts we have added the following comment:
“June 26 2012 RYG grants themselves THREE POINT SEVEN MILLION OPTIONS AT $0.40 AT ONE TIME. A sorry slap in investor's faces. The only reason we are not summarily suspending coverage is because they staggered the vesting (of the options) to 1/3 in each of the next 3 years. RYG is on probation henceforth.”
Our goodwill toward the Dundees and Ryan Gold is affected by this event, as Vultures may have already guessed.
That is all. Carry on.
Source: Ryan Gold via MarketWatch
Disclosure: Ryan Gold is a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team may hold long positions in RYG.V. The editor currently holds zero shares of RYG.V.