Discovering and developing the mineral wealth of Northern Ontario

Pele Mountain Resources is focused on the sustainable development of a rare earth processing center in Elliot Lake, Ontario, at the same location as its Eco Ridge Mine Rare Earth and Uranium Project.

Free
Message: Announces Option Grants
Reply New Message
Prev Message Back To Forum Threaded View Next Message

Announces Option Grants

posted on Jan 12, 2009 12:29PM
January 12, 2009
Pele Mountain Announces Option Grants
TORONTO, ONTARIO--(Marketwire - Jan. 12, 2009) - Pele Mountain Resources Inc. (TSX VENTURE:GEM) ("Pele" or the "Company") announced that earlier today it granted 1,600,000 incentive stock options to members of management of the Company (the "Management Options") and an aggregate of 1,000,000 incentive stock options to the remaining four (4) directors of the Company under its Stock Option Plan (collectively, the "Director Options"). All Management Options and Director Options are exercisable at $0.17 per share. The Management Options expire on December 31, 2011 and the Director Options expire on December 31, 2013.

In addition, the Company also announced that it has granted 300,000 incentive stock options to certain employees of the Company (the "Employee Options") to acquire up to an aggregate of 300,000 common shares of Pele. The Employee Options are exercisable at $0.17 per common share and expire on December 31, 2011.

Finally, the Company also announced that it has granted 100,000 incentive stock options to certain consultants of Pele (the "Consultant Options") to acquire up to an aggregate of 100,000 common shares of Pele. The Consultant Options are exercisable at $0.17 per common share and expire on December 31, 2009.

The exercise price of all options granted represents a 55% premium over the closing price of Pele's common shares on the TSX Venture Exchange on the date of grant. All options granted and any common shares issued upon their due exercise will be subject to a statutory four-month hold expiring May 13, 2009. The granting of the options are subject to regulatory acceptance of applicable filings.
1 Recommendations
Reply New Message
Prev Message Back To Forum Threaded View Next Message
Share
Share
New Message
Please login to post a reply