Signature Resources grants 2.4 million stock options to directors

Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) granted 2.4 million incentive stock options to its board of directors, management and advisors, according to a company statement.

The options carry an exercise price of $0.055 and expire five years from the grant date. The vesting schedule provides for 25% of the options to vest immediately, with an additional 25% vesting annually until the third anniversary.

The company stated that stock options represent the only form of compensation provided to non-executive directors. All options remain subject to the terms of the company's option plan and applicable regulatory approvals.

Signature Resources operates as an exploration company focused on the Lingman Lake gold deposit in Northwestern Ontario's Red Lake district. The property encompasses 1,274 single-cell claims, 13 multi-cell staked claims, four freehold patented claims and 14 mineral rights patented claims totaling approximately 24,821 hectares.

The company's mineral resource estimate includes indicated resources of 95,200 ounces with an average grade of 1.38 grams per tonne of gold and inferred resources of 674,320 ounces at an average grade of 1.14 grams per tonne at a cutoff grade of 0.30 grams per tonne.

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