Shareholders in m2m Corporation (ASX:MCL) have agreed to allow the issue of 225 million new shares via a share placement.
But the company had to lift the exercise price of the 66 million options to be granted to three directors to $0.01 in order to gain approval for the option issue.
The company had at first suggested to issue 14.2 million options at $0.006 per share to directors I B Clarkson, T O Lebbon and D S Glavonjic, and the remaining 52 million at $0.008 per share.
MCL shares are currently trading at $0.002 per share.
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