Philippine Metals Inc. Announces Voting Results of Annual Meeting and Grant of Stock Options
09.01.2012 | Marketwired
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.CALGARY, ALBERTA -- (Marketwire - Jan. 9, 2012) - Philippine Metals Inc. (the "Corporation" or "Philippine Metals") (TSX VENTURE: PHI) (OTCQX: PHIXF) (FRANKFURT: PM7) is pleased to announce the results of the Annual General and Special Meeting of Shareholders held on January 6, 2012 (the "AGM"). Marshall Farris, the President, Feisal Somji, the Chief Executive Officer, J. Roberto Delgado, James Glass, Edward Farrauto and Craig Lindsay were re-elected as the Board of Directors of the Corporation for the upcoming year.
In addition to the annual resolutions, including the appointment of auditors, a resolution was passed approving a new stock option plan (the "New Plan") of the Corporation. The New Plan is a 20% fixed stock option plan and contains certain provisions with respect to withholding requirements adopted by Canada Revenue Agency on employee stock option benefits. For additional information, refer to the management information circular dated December 7, 2011 prepared in respect of the AGM, a copy of which is available under the Corporation's SEDAR profile at www.sedar.com. The Corporation wishes to thank its shareholders for the overwhelming support.
The Corporation also announces that it has issued an aggregate of 365,000 options to Mr. Lindsay, a director of the Corporation. The options have an exercise price of $0.15 per share and will expire on January 6, 2017. The stock option grant is subject to regulatory approval. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of stock options to Mr. Lindsay.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Philippine Metals Inc.
Feisal Somji, CEO
403.236.4520
403.398.0693 (FAX)
feisal@somji.ca
www.philippinemetals.com
Ascenta Capital Partners Inc.
Jamie Mathers, Investor Relations
604.684.4743 ext. 236 or 866.684.4209
Jamie@ascentacapital.com
