CALGARY, AB, May 6, 2022 /CNW/ – Huntington Exploration Inc. (TSXV: HEI) (“Huntington” or the “Company“) Huntington Exploration Inc. (TSXV: HEI) (the “Company” or “Huntington“) announces that pursuant to Company’s stock option plan, 3,350,000 stock options at an exercise price of $0.20 were granted to the directors, officers, and consultants to the Company.
The stock options granted vest immediately and are exercisable for a period of ten years from date of grant. The Company relied on sections 5.5 (a) and (b) and 5.7(a) and (b) of MI 61-101 as the exemption from the minority approval requirements of MI 61-101 in respect of the grant of options to the directors and officers of the Company as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the grant of the options to the director of the Company exceeded 25% of the Company’s market capitalization.
There are currently 95,320,817 shares issued in the Company.
Huntington Exploration is focused on the exploration and development of its portfolio of precious metals properties in Mexico and Canada. The Company’s flagship El Grande gold project covers 550 square kilometers in the southern extension of the prolific Sierra Madre Occidental gold-silver belt in the state of Nayarit, Mexico and demonstrating significant gold and silver mineralization.
The Company also owns two early-stage gold exploration projects in Northwestern Ontario, in which the Company is engaged in ongoing exploration. The Winora Project is located near Lingman lake, 325 km north of Red Lake and consists of 17 patented mining claims in that are estimated to be within 500 m and on strike with the historic Lingman Lake gold deposit. The Quartz Lake Project is located 50km east of the prolific Red Lake district and demonstrates many similar geological features of other successful exploration plays in the region.
Huntington Exploration is committed to sustainable and responsible exploration and business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which the Company operates.
For more information, please visit the Company’s website at www.huntingtonexploration.ca.
ON BEHALF OF THE BOARD OF HUNTINGTON EXPLORATION INC.
President & CEO
Note: The Company’s new website is expected to launch in Q2 2022.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.