IKN

a plague o both your houses

ECU Silver (ECU.to) grants options…bless ’em!

I dunno what part of this is funnier. Here’s your choice of guffaw material:

1) The press release happened on a Saturday afternoon.
2) The options are worth over $6m (though with this company we have to be careful about using words that suggest any sort of value).
3) The mental hoops the crooks go through to justify awarding themselves options at under the present share price.
4) “Consultants” are in on this optionsfest. Who the F does that include, Wistar? Any clues, Bill? Expecting a windfall, Adrian?

Remember folks, Bill Murphy over at GATA is offering a half price subscription next year if ECU.to doesn’t make it to $3/share by the end of 2009. So at least you GATA saps that have lost thousands in this stock can recoup a tiny fraction of your moolah.

TORONTO, ONTARIO–(Marketwire – Sept. 12, 2009) – ECU Silver Mining Inc. (TSX:ECUNews) today announced an issuance of share purchase options (the “Options”) pursuant to the Company’s Stock Option Plan approved by shareholders and accepted by the Toronto Stock Exchange.

In accordance with the Company’s Stock Option Plan, as at September 9, 2009 the Company has granted Options on 10,825,000 common shares of the Company to directors, officers, consultants and employees of the Company. The Options will be exchangeable into common shares of the Company at a price of $0.60 per common share. This represents a premium of 18% over the 10-day average closing price of ECU Common Shares of $0.51 ending September 9, 2009. The shares closed at $0.58 on September 9, 2009. The Options represent approximately 3.8% of the Company`s 285,760,634 common shares outstanding and will expire September 9, 2016.

UPDATE: Seriously, these guys just get worse and worse

TORONTO, ONTARIO – September 13, 2009 – ECU Silver Mining Inc. (TSX: ECU)
On September 12, 2009, the Company announced that its Board of Directors had granted various common share purchase options pursuant to its stock option plan. The Company wishes to announce that upon further review, the Board of Directors has elected to defer the issuance of the Options at this time.


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