TSX Venture Exchange: JZR
VANCOUVER, Oct. 17, 2012 /CNW/ - Jazz Resources Inc. (TSXV: JZR) announces that the Company has reprised an aggregate of 1,525,000 outstanding incentive stock options to reduce the exercise price from $0.45 to $0.17. The options are governed by the Company's stock option plan and are an important component of the Company's executive compensation strategy providing employees, consultants, officers and directors with long-term equity-based performance incentives. The options have been re-priced to bring them more in line with current market prices of the Company's common shares.
An aggregate of 1,025,000 of these options are held by insiders and, in accordance with the requirements of the TSX Venture Exchange policies, the amendments to such options are subject to the approval of the Company's "disinterested" shareholders. Accordingly, approval to the re-pricing of the insiders' options was sought and obtained at the Company's 2012 annual general meeting held on September 26, 2012.
The re-pricing of the options is subject to regulatory approval and none of the re-priced options may be exercised prior to receipt of regulatory approval.
On behalf of the Board of Directors,
Neither 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.
This press release may contain forward-looking statements. All statements, other than statements of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.
All such forward-looking information and statements are based on certain assumptions and analyses made by the Company's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include but are not limited to: risks related to the exploration and potential development of the Company's projects, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, as well as those factors discussed in the sections relating to risk factors of the Company set out in certain of the Company's disclosure documents filed on SEDAR.
There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place any undue reliance on forward-looking information or statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.
SOURCE: Jazz Resources Inc.
For further information:
Jazz Resources Inc.
Bryan Glen, President