Sacre-Coeur Minerals Grants Stock Options and Resets Exercise Price of Outstanding Stock Options
Posted on: Tuesday, 23 September 2008, 03:00 CDT
Sacre-Coeur Minerals, Ltd. (TSX-V: SCM) (the "Company") announces that it has made further grants of incentive stock options, subject to any necessary regulatory approval, to purchase up to an aggregate of 150,000 shares of which 25,000 were granted to Ms. Limor Rubin, CFO and a Director, 25,000 were granted to Mr. Lee Dunston, Corporate Communication Representative, and 100,000 stock options were granted to various other consultants to the Company. The options are exercisable for a term of two or three years at the price of CAD $1.15 per share.
Subject to any necessary regulatory and shareholder approvals, the Company has also agreed to amend the terms of outstanding stock option agreements covering 1,812,500 stock options issued prior to March 22, 2008, in order to reduce the exercise price of such options to CAD $1.15 from their current prices ranging from of CAD $1.50 to CAD $3.12 per share. All of the other terms and conditions of the option agreements remain unchanged.
Out of the 1,812,500 outstanding stock options being repriced, 1,130,000 stock options are for directors, and officers of the Company. The other options are for employees, and consultants including geological staff, and administrative staff.
According to Irwin Olian, CEO of the Company, "Over the past several years we have assembled an outstanding team of industry professionals for both our geological and administrative staff. We felt that it is important to adjust the exercise price in view of the adverse conditions in the financial markets in order to restore their value as incentive compensation."
About Sacre-Coeur
The Company is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in South America, initially focussing on exploration for gold on its properties in Guyana. The Company presently has an interest in approximately 850 square miles of mineral properties in Guyana, including the Million Mountain Property. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at www.scminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF SACRE-COEUR MINERALS, LTD. "Irwin Olian" Irwin Olian Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.
Distributed by Filing Services Canada and retransmitted by Marketwire
For further information, contact: Irwin Olian President and CEO Email: Email Contact Phone: (604) 899-0100 Fax: (604) 899-0200 Lee Dunston Corporate Communications Email: Email Contact Phone: (604) 899-0100 Fax: (604) 899-0200 Sacre-Coeur Minerals, Ltd. Suite 1925, Box 11553 650 West Georgia Street Vancouver, BC V6B 4N8
SOURCE: Sacre-Coeur Minerals, Ltd.
Source: MARKET WIRE
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