May 28, 2013: Vancouver, B.C. – North American Tungsten Ltd. (Stock Profile – TSXV:NTC) has cancelled stock options to buy 550,000 shares granted to employees:
- Options for 160,000 shares exercisable at 42 cents granted on March 8, 2012;
- Options for 240,000 shares exercisable at 41 cents granted on Jan. 5, 2011;
- Options for 150,000 shares exercisable at 41.5 cents granted on April 5, 2012.
The company further announces the granting of stock options to buy 2,075,000 shares to certain of its employees (including the employees who agreed to the cancellation of their stock options as noted herein) exercisable at 18.5 cents per share, expiring on May 28, 2018, pursuant to the company’s stock option plan.
The options will vest as to one-third immediately; one-third on Nov. 28, 2013; and one-third on May 28, 2014. The cancellation of stock options and concurrent granting of new stock options are considered an amendment of an existing stock option pursuant to the policies of the TSX Venture Exchange. Since none of the individuals impacted are directors or senior officers of the company, no shareholder approval is required.
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