Cerro Grande Mining Corporation Announces the Passing of Stephen W Houghton leaderpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from leaderpost.com Daily Mail and Mail on Sunday newspapers.
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TORONTO, April 30, 2021 (GLOBE NEWSWIRE) Cerro Grande Mining Corporation (the “Company” or “CEG”) (CSE:CEG) announces that further to Mr. Houghton’s termination of his employment agreement and resignation as the Company’s CEO effective March 31, 2021 as per his agreement with the Company made as of February 17, 2021, the Company will issue 12,984,107 common shares of the Company at a deemed price of CDN$0.05 per share to settle all amounts owing to Mr. Houghton in the aggregate amount of US$516,266.70 (approximately $649,205 based on an exchange rate of US$1.00/CDN$1.2575 as at March 31, 2021) in connection with his former employment, which includes a retirement payment of US$330,000, the balance of his unpaid salary, reimbursement of certain expenses and certain severance obligations pursuant to Chilean law less cash advances previously made to Mr. Houghton by the Company. The Company intends to complete such share issuance on or about May 4, 2021.