Ecometals Amends Stock Option Plan
TORONTO, ONTARIO--(Marketwire - Dec. 10, 2009) - Ecometals Limited (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ), (the "Company") announces that the Compensation Committee recommended, and the Board of Directors approved, the granting on December 9, 2009 of an aggregate of 2,735,000 stock options to certain directors, officers and employees of the Company. The additional options granted have a vesting period of 18 months and have an exercise price of $1.13 per common share and expire on December 9, 2012. The options were granted for employee performance during the past year as part of the Board's annual review of performance.
In order to accommodate this grant the directors of the Company at a Board meeting held yesterday have approved an amendment to its current stock option plan. The number of shares reserved for issuance under such amended plan is 12,860,086, an increase of 4,498,610. The amendment is subject to the approval of the TSX- V and the shareholders of the Company at its next annual meeting of shareholders, which the Company anticipates holding in February 2010. Any exercise of the above option grants is subject to the prior approval of the amended stock option plan by the shareholders of the Company and the TSX-V.
Ecometals Limited is a Canadian-listed mineral exploration and development company focused on mineral resources in Latin America. Apart from its gold exploration activities in Ecuador, Ecometals also has significant manganese and iron projects in Brazil at grass roots and development planning stages.
For more information, visit the company's website at www.ecometalslimited.com.