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Proc-Type: 2001,MIC-CLEAR
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SECURITIES AND EXCHANGE COMMISSION FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of Date of Report (Date of earliest event reported): July 14, 2005 IKONA GEAR INTERNATIONAL, INC.
Washington, D.C. 20549
The Securities Exchange Act of 1934
Nevada |
000-49664 |
88-0474903 |
|
(State or other jurisdiction of incorporation or organization) |
(Commission file number) |
(IRS Employer |
1850 Hartley Avenue, Unit #1
Coquitlam, British Columbia V3K 7A1 Canada
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(604) 523-5510_______________________________________________________
(Former name or former address, if changed since last report)
ITEM 5.02 ELECTION OF DIRECTORS
On July 14, 2005, Joe Vosburgh was elected to serve as a member of the Board of Directors of Ikona Gear International, Inc. (the "Company").
Mr. Vosburgh is eligible to participate in the Company's 2003 Equity Incentive Plan. The Company has a policy to award to newly appointed directors an initial grant of options exercisable to purchase 100,000 shares of common stock at an exercise price equal to the market price of the Company's common stock on the date of grant. A grant of 100,000 options at an exercise price of $0.56 per share was made to Mr. Vosburgh under the Plan.
No decision has been made as to Mr. Vosburgh's possible assignment to the Board's standing audit and compensation committees.
Mr. Vosburgh will serve as a director until the next regular annual meeting of the Company's shareholders and until his successor has been duly elected and qualified.
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
On July 14, 2005, the Company granted options exercisable to purchase an aggregate of 230,000 shares of common stock to its five directors:
Person |
Number |
|
Laith Nosh |
40,000 |
|
Raymond Polman |
25,000 |
|
Barrie Freeke |
25,000 |
|
Simon Anderson |
40,000 |
|
Joe Vosburgh |
100,000 |
|
Total |
230,000 |
The options are exercisable for a period of six years at an exercise price of $0.56 per share of common stock. The options were granted in consideration of the services of each optionholder as a director and/or member of a standing committee of the board. The options were granted under and pursuant to the Company's 2003 Equity Incentive Plan. Each of the directors qualified as an "accredited investor" within the meaning of Rule 501(a) of Regulation D. The options were issued without registration under the Securities Act of 1933, as amended (the "Securities Act") in reliance upon the exemption set forth in Section 4(2) thereunder.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IKONA GEAR INTERNATIONAL, INC. |
||
Date: July 27, 2005 |
By: /s/ Laith Nosh |
|