CALGARY, June 7 /CNW/ - CMQ Resources Inc. (CMQ:TSXV) held its annual and
special meeting of shareholders on June 7, 2007. The shareholders of CMQ
re-elected the directors, approved the appointment of PricewaterhouseCoopers
LLP as the company's auditor and approved the amendment of the company's stock
option plan to a 10% rolling plan (the "Option Plan"), in each case with in
excess of 99.5% of the votes cast in favour.
Pursuant to the Option Plan, 1,940,000 incentive stock options (the
"Options") were granted on June 7, 2007, of which 1,845,000 were granted to
directors and officers of the Corporation. Such Options vest as to one third
on each of the first three anniversary dates from the date of issue, expire in
August 2010 and are exercisable at a price of $0.365 per share, being the
closing price of the underlying common shares on June 6, 2007.
CMQ has 65,246,700 shares currently issued and outstanding and
accordingly the 5,670,000 options now outstanding represent 8.7% of the number
of outstanding shares. The Corporation also has 8,958,254 warrants
outstanding, with each such warrant being exercisable for one common share at
an exercise price of $0.55. These warrants were issued in connection with
financing transactions completed in late 2006 and 1,500,000 of the warrants
expire on December 12, 2007, with the balance expiring on June 12, 2008.
CMQ expects to be in a position to announce the commencement and details
of its 2007 drilling program shortly.
CMQ is a mineral exploration company actively pursuing two significant
exploration stage gold projects in the Crescent Valley, Nevada.
For further information:
For further information: Martin A. Lambert, Chief Executive Officer, CMQ
Resources Inc., Tel: (403) 298-3105, E-mail email@example.com or visit