Adoption of 20% Fixed Stock Option Incentive Plan
VAL-D'OR, QUEBEC -- Sept. 27, 2013 - Abitibi Royalties Inc. (TSX VENTURE:RZZ), hereinafter "Abitibi Royalties" or the "Company") announces that the Board of Directors has further amended and restated its stock option incentive plan so as to convert same into a 20% fixed Stock Option Plan (the "New Plan"). Pursuant to the New Plan options for an aggregate total of 1,740,200 common shares may be granted to Eligible Persons (as such term is defined in the New Plan) from time to time. The purpose of the New Plan is to provide incentives to Eligible Persons to increase their proprietary interest in the Company and thereby encourage their continued association with Abitibi Royalties.
The New Plan is subject to the approval of each of the TSX Venture Exchange (the "Exchange") and the disinterest shareholders of the Company, and will be presented for approval at the Company's next annual general meeting of shareholders (the "AGM") which is expected to be held late in the second quarter of 2014. Additionally, the Company has granted incentive stock options (the "Stock Options") pursuant to the New Plan to directors, officers and consultants of the Company (the "Optionees") entitling the purchase of an aggregate 860,000 common shares. The Stock Options are exercisable at a price of $0.55 for a period of 5 years and may only be exercised by the Optionees once the New Plan and the grant of the Stock Options have been approved at the AGM by the disinterested shareholders of the Company and subsequently by the Exchange.
About Abitibi Royalties Inc.: Abitibi Royalties holds 100% interest in the Luc Bourdon and Bourdon West Prospects in Ontario and a 30% free-carried interest in the Malartic CHL Property near Val-d'Or, Québec which is the object of a joint venture with Osisko Mining Corp. ("Osisko"). In addition, the Company holds a 2% net smelter royalty interest in one additional claim held by Osisko, and may acquire and generate other property and royalty interests.
This news release contains certain statements that may be deemed "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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 news release.
Abitibi Royalties Inc.
Glenn J. Mullan
Chief Executive Officer
819-824-2808, x 204