The agreement with Transcend is for an initial two month term during which Transcend will receive a fee of $5,000 and will be granted 20,000 incentive stock options at an exercise price of $1.00 per share. The stock options will vest immediately and will expire at the end of one year.
The Company has also granted 200,000 options to an employee of the Company. The options are exercisable at $1.00 per share for five years.
The noted option grants are subject to the approval of the TSX Venture Exchange and the termination provisions of the Company's stock option plan.
Jemi Fibre's operations consist of a full service contract logging division, with operations in Mackenzie and Cranbrook, a sawmill located in Edgewater producing high value lumber products, a wood preserving facility in Cranbrook and private timberlands located in the Kootenay Region.
