WELLAND, ON, Aug. 14 /CNW/ - Lakeside Steel Inc. ("Lakeside Steel")
(TSX-V: LS) announced today that, subject to receipt of required regulatory
approvals, it has granted stock options under its Stock Option Plan to Ron
Bedard, President and Chief Operating Officer, to acquire up to 900,000 common
shares of the Company (the "Stock Options"). The exercise price of the Stock
Options is $0.20 per share. The Stock Options expire August 8, 2019, vest over
a three-year period, and are subject to the terms and conditions of the
Company's Stock Option Plan.
Lakeside Steel also announced today that it is seeking regulatory and
disinterested shareholder approval to issue 1,200,000 common shares (the
"Common Shares") to Mr. Bedard as a retention and incentive bonus. The Common
Shares will be issued in increments over a three-year period from the date of
receiving all necessary approvals and will be subject to certain conditions.
For more information please refer to Lakeside Steel's Management
Information Circular dated August 12, 2009, which will be mailed and filed on
SEDAR next week.
About Lakeside Steel Inc.
Lakeside Steel Inc. is the parent company of Lakeside Steel Corp.
("Lakeside"). Lakeside, located in Welland, Ontario, is a diversified steel
pipe and tubing manufacturer. Lakeside's list of customers includes large oil
and gas, mining, automotive and commercial and industrial supply companies. In
addition to supplying its products in these industries, Lakeside manufactures
pipe and mechanical tubing for the resale market, which is sold to
distributors in Eastern Canada and the Northeastern United States. Lakeside
manufactures a variety of products for these industries including oil well
tubing and casing, mechanical tubing, pressure tubing, automotive tubing,
hollows for redraw, line pipe, heating and plumbing pipe, drill rod and
specialty tubing. Lakeside serves customers worldwide, either directly or
indirectly, in Canada, Australia and the United States.
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.
For further information:
For further information: Vic Alboini, Chairman & Chief Executive
Officer, Lakeside Steel Inc., (416) 644-8110, Fax: (416) 644-0271, e-mail:
email@example.com; Ken Hunter, Chief Financial Officer, Lakeside Steel
Inc., (905) 735-7473 ext 7218, Fax: (905) 735-9069, e-mail: