MONTREAL,
April 29, 2014 /CNW Telbec/ - Maudore
Minerals Ltd. ("Maudore" or the "Corporation") -
(TSXV: MAO) (OTCBB: MAOMF) (FWB: M6L) - announces that, on
April 28, 2012, its Board of
Directors has granted stock options to purchase an aggregate number
of 3,163,000 common shares of the Corporation in favor of
directors, officers, employees and consultants, of which 2,869,000
options were granted to insiders, in accordance with the
Corporation's 2013 stock option plan. These options were
granted at an exercise price of $0.10, are valid for 5 years and those granted to
consultants and employees are vesting over a 3 year period.
With this grant, the Corporation now has a number of 4,538,000
stock options outstanding. The Corporation has 47,241,522 common
shares issued and outstanding.
At Maudore's annual and special meeting of
shareholders held in June 2013,
shareholders have approved the 2013 Stock Option Plan, which was
adopted by the Board of Directors to update the old plan of 1997
with current standards and rules under the TSX Venture
Exchange. Under the 2013 Stock Option Plan as initially
adopted, the maximum number of common shares issuable upon exercise
of stock options could not exceed 10% of the issued and outstanding
common shares of the Corporation. The Board of Directors has
subsequently modified the maximum number of shares to be issued
upon exercise of stock options granted under the 2013 Stock Option
Plan to be equal to 4,724,000 common shares.
The grant of stock options by the Corporation
provides its officers,directors and to key personal with a
long-term incentive for performance and commitment to the
Corporation. The Corporation believes that participation in
the stock option plan aligns the option holders' interests with
those of the Corporation's shareholders, as they are rewarded for
the Corporation's performance as evidenced by share price
appreciation. The grant of stock options allows the Corporation to
attract, motivate and retain qualified individuals necessary to
achieve corporate objectives of the Corporation.
About Maudore
Maudore is a Quebec-based junior gold corporation in
production, with mining and milling operations as well as more than
22 exploration projects. Five of these projects are at an advanced
stage of development with reported current and historical resources
and mining. Currently, gold production is ramping up at the
Sleeping Giant mine. The Corporation's projects span some 120 km,
east-west, of the underexplored Northern Volcanic Zone of the
Abitibi Greenstone Belt and cover a total area of 1,532 km² with
the Sleeping Giant Processing Facility within trucking distance of
key development projects.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Maudore Minerals Ltd.