Many Peaks Minerals (ASX:MPK) said it has issued 1 million fully paid ordinary shares in the capital of the company to Managing Director Travis Schwertfeger on exercise of an aggregate of 1 million unquoted options to acquire shares, according to a Wednesday Australian bourse filing.

The options include 500,000 options exercisable at AU$0.25 each on or before Dec. 31 and 500,000 options exercisable at AU$0.30 each on or before Dec. 31.

To assist Schwertfeger in exercising the options before Dec. 31, being the date on which the options expire, the board, with Schwertfeger abstaining, decided to provide a limited recourse loan of AU$275,000 for the exercise of the options.

The company's shares fell 2% in recent Wednesday trade.