TSX: TCM, TCM.WT
TORONTO, June 23 /CNW/ - Thompson Creek Metals Company Inc. ("Company"),
one of the world's largest publicly traded, pure molybdenum producers, today
announced that it has completed a voluntary stock option cancellation program
offered to all holders of stock options with an exercise price of C$16.19 per
share and above.
Under the terms of the program, options to acquire an aggregate of
2,414,500 million common shares were voluntarily surrendered for cancellation
by 55 holders effective June 22, 2009.
The Company's existing stock option plan currently allows for a maximum
of approximately 8.6 million outstanding options. Following this cancellation,
there are a total of 6,055,166 options outstanding with exercise prices
ranging from C$0.60 to C$23.93.
The cancellation of options provides the Company with the flexibility to
issue stock options in the future. The Company regards the flexibility to
issue new options as an important element in attracting and retaining highly
qualified employees and directors.
A non-cash compensation charge of approximately US$2.8 million will be
recorded in the quarter ending June 30, 2009, representing the remaining
unamortized, stock-based compensation cost for the cancelled options as of
June 22, 2009. As a result, the current quarterly charge related to these
options will be eliminated, representing approximately US$0.9 million for the
quarter ending September 30, 2009, and US$0.8 million, $0.7 million, $0.3
million, and $0.1 million for the subsequent four quarters, respectively.
About Thompson Creek Metals Company Inc.
Thompson Creek Metals Company Inc. is one of the largest publicly traded,
pure molybdenum producers in the world. The Company owns the Thompson Creek
open-pit molybdenum mine and mill in Idaho, a metallurgical roasting facility
in Langeloth, Pennsylvania and a 75% share of the Endako open-pit mine, mill
and roasting facility in northern British Columbia. Thompson Creek has two
high-grade underground molybdenum deposits, the Davidson Deposit near
Smithers, B.C., and the Mount Emmons Deposit near Crested Butte, Colorado. The
Company is continuing to pursue permitting of the Davidson Project and is
evaluating the Mount Emmons Deposit. The Company has approximately 750
employees. Its principal executive office is in Denver, Colorado, and it has
other executive offices in Toronto, Ontario and Vancouver, British Columbia.
More information is available at www.thompsoncreekmetals.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation which may include, but is not
limited to, statements with respect to the timing and amount of estimated
future production. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Thompson
Creek and/or its subsidiaries to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Such factors include those factors discussed in
the section entitled "Risk Factors" in Thompson Creek's current annual
information form which is available on SEDAR at www.sedar.com and is
incorporated in its Annual Report on Form 40-F filed with the United States
Securities and Exchange Commission which is available at www.sec.gov. Although
Thompson Creek has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date of this
news release and Thompson Creek does not undertake to update any such
forward-looking statements, except in accordance with applicable securities
laws. There can be no assurance that 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 are cautioned not
to place undue reliance on forward-looking statements.
Readers should refer to Thompson Creek's current annual information form
which is available on SEDAR at www.sedar.com and is incorporated in its Annual
Report on Form 40-F filed with the SEC which is available at www.sec.gov and
subsequent continuous disclosure documents available at www.sedar.com and
www.sec.gov for further information on mineral reserves and mineral resources,
which is subject to the qualifications and notes set forth therein.
For further information:
For further information: Wayne Cheveldayoff, Director of Investor
Relations, Thompson Creek Metals Company Inc., Tel: (416) 860-1438, Toll free:
1-800-827-0992, email@example.com; Dan Symons, Renmark Financial
Communications Inc., Tel.: (514) 939-3989, firstname.lastname@example.org