Many Peaks Gold (ASX:MPG) has announced an entitlement offer of one option for every four shares for registered shareholders, as well as the issue of 1,400,000 Director and employee options, and 500,000 Director and employee performance rights.

Many Peaks Gold says shareholders will be offered the opportunity to subscribe for one Loyalty Option at an issue price of $0.01 per new Option.

It also says each Option will be exercisable for one fully paid ordinary share, at the exercise price of $0.30.

Many Peaks Gold says the purpose of the Offer is to recognise the support and loyalty the company has received from its shareholders.