MILNER CONSOLIDATED SILVER MINES exchanges stock options - 9 Mar 2009
PENETANG, ONTARIO -- (Marketwire) -- 03/09/09 -- MILNER CONSOLIDATED
SILVER MINES LTD. (Milner) (TSX VENTURE: MCA) - announces that
outstanding stock options totaling 632,850 common shares have been
cancelled effective March 9, 2009. The exercise price of the cancelled
options ranged from $0.25 to $0.335 per common share and the expiry
dates ranged from October 9, 2010 to October 16, 2013.
Options to acquire a total of 632,850 common shares of Milner
at an exercise price of $0.10 per share expiring on March 8, 2014 have
been granted to 1 director and officer of Milner and one director and
officer of Milner's wholly-owned Mexican subsidiary. Options of 216,425
common shares have been granted to a director and officer of the
company and 416,425 common shares have been granted to a director and
officer of Milner's wholly-owned Mexican subsidiary. The market price
at close of previous day was $0.09. The grant of this option is in
accordance with the existing stock option plan. The stock options are
for a term of five years and vest immediately.
The grant of the incentive stock options is subject to regulatory approval.
Options totaling 111,000 common shares that were cancelled on
February 3, 2009 have been reinstated. The options for 37,000 common
shares to each of the three directors who are not also officers of the
Company have an exercise price of $0.25 per share and expire on October
16, 2013. The original grant of this option is in accordance with the
existing stock option plan. The stock options are for a term of five
years and vest immediately.
The incentive stock options that were cancelled and granted on
February 3, 2009 and reported in a press release dated February 3, 2009
did not receive regulatory approval and have been hereby nullified.
Milner Consolidated Silver Mines Ltd. is a junior resource company,
quoted for trading on the TSX Venture Exchange under the symbol MCA.
There are currently 7,438,506 shares issued and outstanding in Milner
Consolidated Silver Mines Ltd.
On Behalf of the Board,
D.J. Bazinet, President
Shares Outstanding: 7,438,506
Contacts:
Milner Consolidated Silver Mines Ltd.
Deborah Bazinet
(705) 533-3430
(705) 533-1521 (FAX)