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GoviEx Uranium Inc. (CSE:GXU) announced a strategic realignment plan designed to reinvigorate operational performance and build long-term value for stakeholders and strategic partners.
GoviEx Uranium Inc. (CSE:GXU) announced a strategic realignment plan designed to reinvigorate operational performance and build long-term value for stakeholders and strategic partners. The company has undertaken steps to aggressively reduce operating and sustaining costs through a program of targeted compensation adjustments, non-essential retrenchments, cut-backs in overheads, and other cost-cutting measures. These changes are forecast to reduce operating costs by approximately 50%.
According to the company’s press release:
The company’s senior leadership team is proactively participating in the strategic realignment plan and has agreed to a 20% reduction in salary and benefits in an effort to reposition the company for future growth. In lieu of the foregone compensation resulting from the realignment plan, GoviEx senior executives have been granted a total of 2.8 million stock options with an exercise price of $0.1125 that may vest on January 1, 2017, subject to certain conditions as determined by the company. The options have an expiry date of December 31, 2017.
Govind Friedland, Founder and Executive Chairman:
We are pleased with the progress that we have made towards attaining a mine permit for the proposed development of our flagship Madaouela uranium project. The team at GoviEx is focused on strengthening the company and further advancing this large, high-grade project.