Red Deer, Alberta--(Newsfile Corp. - April 23, 2021) - Rifco Inc. (TSXV: RFC) ("Rifco" or the "Company") announced today that as part of its regular review of compensation, the Board of Directors has approved a grant of 300,000 stock options to the non-management directors of the Company. The options were granted at an exercise price of $0.75 per common share and will expire on April 22, 2026. The options will vest over four years.
Further, the board has revised its pay structure. Non-management directors will receive $30,000 annually for their services, and the chair will receive an additional $5,000 annually. Should any special committees be struck, committee members will receive an additional $5,000 per month that the committee is functioning. The pay structure simplifies previous pay structure and should reduce the overall board compensation by up to 25 percent.
About Rifco
Rifco National Auto Finance Corporation ("RNAF"). Rifco's sole, wholly owned, subsidiary operates with a purpose to help its clients obtain a safe and reliable vehicle by providing alternative finance solutions. RNAF currently distributes its alternative finance products indirectly through select automotive dealer partners.
Rifco is built on a foundation of trust, respect, empowerment, accountability and passion which are exhibited by each and every member of the Rifco team, as we collaboratively pursue our collective vision and do so in a manner that is consistent with our purpose.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol "RFC". There are 21.75 million shares (basic) outstanding and 22.50 million (fully diluted) shares.
CONTACT:
Rifco Inc.
Warren Van Orman
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 Ext 7007
Fax: 1-403-314-1132
Email: vanorman@rifco.net
Website: www.rifco.net
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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