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CALGARY, Alberta - Bocana Resources Corp. (TSXV: BOCA) (Frankfurt: VC1) has announced the cancellation and subsequent reissuance of stock options that were previously granted to its directors and officers on May 24, 2024. The reissuance is due to an advisory from the TSX Venture Exchange which stated that the original grant did not adhere to the appropriate timeline as per the Company’s Stock-Based Compensation Plan. According to InvestingPro data, the company currently operates with a weak financial health score of 1.57, indicating potential operational challenges.
The affected stock options, totaling 2,400,000, are being reissued with identical terms to those initially granted. Each option allows the holder to purchase one common share of Bocana Resources Corp. for $0.10. The options have varying expiry and vesting dates, with 1,800,000 options set to expire on May 24, 2029, and the remaining divided into three portions with expiry dates of June 30, 2029, September 30, 2029, and December 31, 2029.
Bocana Resources Corp. is a mineral exploration company with a focus on South American projects. It holds a 100% working interest through its subsidiary, Huiracocha International Service SRL, in the Escala area concessions in Bolivia’s Department of Potosi, Sud Lipez Province. These concessions were awarded by Comibol, the Bolivian state mining company. Financial metrics from InvestingPro reveal the company is quickly burning through cash, with a concerning current ratio of 0.16 and a return on assets of -235.44% in the last twelve months.
This announcement is based on a press release statement from Bocana Resources Corp. The company has made no further comment on the potential impact of this reissuance on its operations or financial performance. The TSX Venture Exchange has reviewed the content of the news release for accuracy but does not take responsibility for its adequacy. For deeper insights into Bocana’s financial health and access to 10+ additional ProTips, consider subscribing to InvestingPro.
The reissued stock options are a rectification of an administrative oversight and reflect the company’s adherence to regulatory standards. Bocana Resources Corp. has not provided any forward-looking statements or projections regarding the outcome of this reissuance.
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