Maudore Amends its Stock Option Plan and Grants New Stock Options
MONTREAL, April 29, 2014 /CNW Telbec/ – Maudore Minerals Ltd. (“Maudore” or the “Corporation“) – (TSXV: MAO) (OTCBB: MAOMF) (FWB: M6L) – announces that, on April
28, 2012, its Board of Directors has granted stock options to purchase
an aggregate number of 3,163,000 common shares of the Corporation in
favor of directors, officers, employees and consultants, of which
2,869,000 options were granted to insiders, in accordance with the
Corporation’s 2013 stock option plan. These options were granted at an
exercise price of $0.10, are valid for 5 years and those granted to
consultants and employees are vesting over a 3 year period. With this
grant, the Corporation now has a number of 4,538,000 stock options
outstanding. The Corporation has 47,241,522 common shares issued and
At Maudore’s annual and special meeting of shareholders held in June
2013, shareholders have approved the 2013 Stock Option Plan, which was
adopted by the Board of Directors to update the old plan of 1997 with
current standards and rules under the TSX Venture Exchange. Under the
2013 Stock Option Plan as initially adopted, the maximum number of
common shares issuable upon exercise of stock options could not exceed
10% of the issued and outstanding common shares of the Corporation.
The Board of Directors has subsequently modified the maximum number of
shares to be issued upon exercise of stock options granted under the
2013 Stock Option Plan to be equal to 4,724,000 common shares.
The grant of stock options by the Corporation provides its
officers,directors and to key personal with a long-term incentive for
performance and commitment to the Corporation. The Corporation
believes that participation in the stock option plan aligns the option
holders’ interests with those of the Corporation’s shareholders, as
they are rewarded for the Corporation’s performance as evidenced by
share price appreciation. The grant of stock options allows the
Corporation to attract, motivate and retain qualified individuals
necessary to achieve corporate objectives of the Corporation.
Maudore is a Quebec-based junior gold corporation in production, with
mining and milling operations as well as more than 22 exploration
projects. Five of these projects are at an advanced stage of
development with reported current and historical resources and mining.
Currently, gold production is ramping up at the Sleeping Giant mine.
The Corporation’s projects span some 120 km, east-west, of the
underexplored Northern Volcanic Zone of the Abitibi Greenstone Belt and
cover a total area of 1,532 km² with the Sleeping Giant Processing
Facility within trucking distance of key development projects.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Maudore Minerals Ltd.