CALGARY, June 16 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")
today announced that several of its employees and directors have voluntarily
surrendered options that entitled them to purchase up to an aggregate of
18,711,671 common shares of the Company. The exercise prices associated with
the surrendered options ranged from $0.10 to $0.18 and were significantly in
excess of the current trading price of TVI's common shares.
TVI's Board of Directors approved the cancellation of options on May 29,
2009, and the options surrendered by holders were cancelled effective June 1,
2009. Surrender of the affected options was entirely voluntary and no
agreements or commitments have been made to holders with respect to the
receipt of new options. Of the cancelled options, 15,880,000 were surrendered
by directors, senior officers and insiders of the Company. The cancelled
options had a weighted average exercise price of $0.145.
About TVI Pacific Inc. (TSX: TVI)
TVI Pacific Inc. is a publicly traded Canadian mining company focused on
exploring for, developing and producing precious and base metals within
district-scale systems in the Philippines. The Company's interest in the
Canatuan Mine and its other Philippine assets are held through its affiliate,
TVI Resource Development (Phils.) Inc.
The Toronto Stock Exchange has neither approved nor disapproved of the
information contained herein.
For further information:
For further information: Investor Relations, (403) 265-4356 or