OTTAWA, ONTARIO -- (Marketwire) -- 01/14/11 -- Melkior Resources Inc. (TSX VENTURE: MKR) ("Melkior" or the "Company") announces that the Board of Directors has approved the conversion of its rolling stock option plan to a fix stock option plan (the "Plan").
The reason for this change is to simplify the administration of the Plan and also to incorporate the numerous amendments brought recently to the TSX Venture Exchange's policy relating to stock options. The following are the major changes brought to the Plan:
-- The number of shares to be delivered upon the exercise of all options
granted under the plan shall not exceed 10,948,000, being slightly less
than 10% of the Company's issued and outstanding shares. Of the
10,948,000 options in the new plan, 9,970,000 have already been issued
to directors, officers and consultants. This leaves 978,000 available
for future grants;
-- Unless indicated otherwise by the Board at the time of grant, 1/6 of
options granted shall vest every three months from the date of the
grant;
-- In the event that an optionee ceases to be an eligible person prior to
the expiry date of his options, the options shall expire 12 months after
the termination date or on the expiry date, whichever comes first
(except for persons providing investor relations activities who will
remain subject to a 30 day expiry period). In the event of termination
with cause, the options of an eligible person shall expire on the date
of the notice of termination; and
-- Options shall no longer be subject to a 4 month hold period from the
date of grant.
The amendments to the Plan are subject to the final approval of the TSX Venture approval.
About Melkior:
Melkior is a junior exploration company with active exploration projects in West Timmins and the Mc Faulds "Ring of Fire" areas of Ontario. Melkior also holds a 49% interest in the Delta Kenty nickel-copper-platinum-palladium deposit in Ungava and has several other gold properties in Ontario and Quebec.
Neither 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.
Contacts:
Melkior Resources Inc.
Jens E. Hansen, P.Eng
President
613-721-2919
613-680-1091 (FAX)
melkior@rogers.com
www.melkior.com
