Baja Mining Corp. (BAJFF.PK,BAJ.TO) announced that it will amend its Stock Option Plan as requested in the December 16, 2011 special meeting requisition it received from Mount Kellett Master Fund II A LP.
Per the new stipulations of the Amended Stock Option Plan, non-executive directors as a group may not be granted options exercisable for more than 1% of Baja's issued and outstanding shares, the company said.
Baja currently has options outstanding to non-executive directors permitting them to acquire approximately 1.5% of Baja's outstanding common shares.
Baja noted that it will not issue any further options to non-executive directors until the number of options held by them as a group has dropped below the 1% threshold either through exercise or expiry, and will thereafter not grant options in excess of this threshold.
Baja also announced that it has delivered an invitation to Lorie Waisberg to join the Board of Directors of Baja and that it has invited Mount Kellett to name an additional nominee independent of Mount Kellett to serve on the Board of Directors and represent the interests of all shareholders.
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