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VANCOUVER, Jan. 14 /CNW Telbec/ - ELECTRIC METALS INC. (TSX-V: EMI.A) (the "Company") is pleased to announce that further to the Company's news releases dated December 9, 2009 and January 8, 2010, the Company has received conditional approval from the TSX Venture Exchange ("TSX-V") on the proposed change of business. TSX-V has conditionally approved the acquisition of 100% interest in seventy mineral claims located in Esmeralda County, Nevada, USA (the "GeoXplor Transaction") and the acquisition of an undivided 60% interest in certain mineral claims situated in Salta Province, Argentina (the "Salta Transaction"). The completion of GeoXplor Transaction together with the completion of the Salta Transaction will be a change of business for the Company pursuant to Policy 5.2 of the TSX-V, with a new focus on the resource industry. The Company anticipates closing the change of business later this month.
The Company also announces the grant of incentive stock options to certain directors, officers and employees of the Company to purchase up to 1,350,000 common shares in the capital of the Company (the "Shares") pursuant to a shareholder approved share option plan. The options are exercisable on or before July 10, 2014. In connection with the change of business, the exercise price has been amended from $0.10 per Share to $0.25 per Share. Such grant of options is subject to TSX-V approval.
ON BEHALF OF THE BOARD
Donald Gee, President, CEO and Director
This news release may include forward-looking statements based on assumptions and judgements of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.
Neither the 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.
SOURCE ELECTRIC METALS INC.
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