Omineca Issues Options, Re-prices Existing Options, Adopts Advance Notice Bylawadmin
Omineca Issues Options, Re-prices Existing Options, Adopts Advance Notice Bylaw
Cranbrook, British Columbia CANADA, November 08, 2013 /FSC/ – Omineca Mining and Metals Ltd. (OMM – TSX Venture), (“Omineca” or the “Corporation”) has granted incentive stock options to directors, employees and key consultants of the company for the purchase of a total of 3,815,000 shares at an exercise price of $.10 per share, expiring November 8th, 2018.
In addition, Omineca has re-priced 1,340,000 options issued previously to directors, consultants and employees, subject to shareholder and regulatory approval. The options were granted in June, 2011 at an exercise price of $.40, expiring June, 2016. The new exercise price will be set at $.10 with vesting provisions and expiry dates of the re-priced options remaining unchanged.
Advance Notice Bylaw
The Corporation announces that the board of directors has, subject to any necessary regulatory approval, approved an amendment to the Corporation’s general by-law, which adds a provision requiring proposed nominations for directors to be provided to the board in advance of shareholder meetings that deal with the election of directors. The by-law amendment is in effect now and will be presented to shareholders at the upcoming meeting of shareholders for their confirmation, rejection or further amendment. In the event the by-law amendment is rejected by shareholders, it will cease to effect immediately following such meeting. Shareholders of the Corporation may obtain a copy of the by-law amendment by contacting the Corporation at its head office.
The advance notice policy includes, among other things, a provision that requires advance notice be given to the company in circumstances where nominations of persons for election to the board are made by shareholders of the company. The advance notice policy sets a deadline by which shareholders must submit nominations for the election of directors to the company prior to any annual or special meeting of shareholders, sets forth the information that a shareholder must include in the notice to the company, and establishes the form in which the shareholder must submit the notice for that notice to be in proper written form.
The advance notice bylaw, re-pricing and issuance of additional options are subject to regulatory and shareholder approval.
About Omineca Mining and Metals Ltd.
Omineca Mining and Metals was created by way of a Plan of Arrangement on May 20th, 2011 on a one-for-four share basis. Shareholders of Copper Canyon Resources Ltd. approved the plan to reorganize the company’s mineral property assets in an effort to maximize shareholder value.
On October 16th, 2013 Omineca announced the closing of the reverse take-over transaction of CVG Mining Ltd. CVG’s primary asset is the Wingdam/Lightning Creek Project, and underground placer operation located in the Cariboo gold district of British Columbia.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
For further information, please contact:
Mike Labach at
1 866 HUNT ORE (486 8673)
visit our website at http://www.ominecamining.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
To view the press release as a PDF file, please click on the following link:
Source: Omineca Mining & Metals Ltd. (TSXV OMM) www.ominecamining.com
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Posted: November 8th, 2013 under FSCWIRE.