|May 14, 2003|
IMPACT Minerals announces Stock Option Plan
|IMPACT Minerals International Inc. (the "Company") announces that it has adopted a Stock Option Plan (the "Plan") dated May 1, 2003, subject to regulatory and shareholder approval.|
Pursuant to the Plan, the Board of Directors may from time to time authorize the issue of options to directors, officers, employees, and consultants of the Company and its subsidiaries. The maximum number of common shares which may be issued pursuant to options granted under the Plan is 2,146,004 common shares in the capital of the Company, or such additional amounts as may be approved from time to time by shareholders of the Company, including stock options currently existing outside the Plan which are exercisable for up to 770,000 common shares of the Company and which shall, upon regulatory and shareholder approval of the Plan, be included under the Plan.
The Plan provides that the number of common shares issuable to optionees under the Plan may not exceed 20% of the total number of issued and outstanding common shares of the Company. In addition, the number of shares which may be reserved for issuance to any one individual may not exceed 5% of the issued shares of the Company on a yearly basis. Any options granted under the Plan vest as to 25% upon grant and 12 ½% every quarter thereafter.
The number of shares under option from time to time and the exercise price of such options, and any amendments thereto, is determined by the directors in accordance with the policies of the TSX Venture Exchange.
On behalf of the Directors of IMPACT Minerals International Inc.
"Frederick W. Davidson", President
For further information please contact:
Fred Davidson - President or
Darrell Rader - Corporate Development
The TSX Venture Exchange has neither approved nor disapproved this news release.
You can view the Next News Releases item: Tue Oct 14, 2003, IMPACT Regains 100% Of El Brujo & La Bruja Gold/Copper Production
You can view the Previous News Releases item: Wed Mar 26, 2003, Drilling Confirms Porphyry Copper-Gold Mineralization At El Brujo
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