TORONTO, ONTARIO--(Marketwired - April 28, 2014) -Canadian Orebodies Inc. (TSX VENTURE:CO) ("Orebodies" or the "Company") announces that it has given written notice to Carlisle Goldfields Limited ("Carlisle") to exercise Orebodies' Put Right to transfer its 10% non-diluting interest in the Farley Lake Mine Project back to Carlisle in exchange for 8,000,000 shares of Carlisle. The transaction is expected to be completed before May 8, 2014.
"Orebodies has made the decision to exercise its Put Right now as Carlisle holds a Back-In Right, which would most likely be exercised prior to its expiry due to the robust economics of the Farley Lake Project," commented Gordon McKinnon, President and CEO of Orebodies. "This exercise will give Orebodies more flexibility going forward while allowing the Company to continue to benefit from Carlisle's advancement of their Lynn Lake camp through our large share holding."
The company also announces that it has granted incentive stock options to directors, officers and consultants of the company in the aggregate amount of 4,925,000 shares under the terms of the incentive stock option plan of the company. The options are exercisable at a price of 5 cents per share for a period of five years and are subject to a four-month hold period from the date of the issuance thereof.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Nunavut, and Ontario. Canadian Orebodies trades on the TSXV under the symbol "CO". For more information please visit www.canadianorebodies.com.
Canadian Orebodies Inc. Gordon McKinnon President & CEO (416) 644-1747 www.canadianorebodies.com