Stock Option Plan Amendment
Arianne also announces that its Board of Directors has approved a series of amendments to the Company's stock option plan (the "Plan"), the most material amendments being: (i) conversion of the Plan into a rolling plan pursuant to which the number of common shares which may be reserved for issuance under the Plan will be limited to 10% of the aggregate number of issued and outstanding common shares of the Company at the time of the grant of options; (ii) the Plan will now be administered by the Company's Human Resources and Corporate Governance Committee; and (iii) all options granted under the Plan will, unless otherwise determined by the Board of Directors under the Plan, be subject to a three year vesting period where one third of the options granted will vest every 12 month period following the date of grant.
In accordance with the rules and policies of the TSX Venture Exchange (the "Exchange"), these amendments to the Plan are subject to the approval of the Exchange and to the approval of the Company's shareholders to be obtained at the next annual meeting. Until such approval is obtained, all options granted under the Plan, as amended, will also need to be approved at the next annual meeting of shareholders of the Company.
Arianne Phosphate (www.arianne-inc.com) is developing the Lac a Paul phosphate deposits located approximately 200 km north of the Saguenay Lac-Saint-Jean region of Quebec, Canada. These deposits will produce a high quality igneous apatite concentrate grading 39% P2O5 with little or no contaminants. The Company has 77 million shares issued.
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Forward Looking Statements and Information
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to estimated mineral resources, anticipated effect of the completed drill results on the Project, timing of a feasibility study, and timing and expectations of future work programs. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Service Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for either the adequacy or accuracy of this press release.
CFO & Corporate Secretary
Karl-Philip Marchand Giguere
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