TVI Pacific completes voluntary stock option cancellations

About this update from Tvi Pacific Inc.

[{"type":"text","content":"\n\n\n\n(TSX: TVI)\n\n\nCALGARY, June 16 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")\ntoday announced that several of its employees and directors have voluntarily\nsurrendered options that entitled them to purchase up to an aggregate of\n18,711,671 common shares of the Company. The exercise prices associated with\nthe surrendered options ranged from $0.10 to $0.18 and were significantly in\nexcess of the current trading price of TVI's common shares.\n\n\nTVI's Board of Directors approved the cancellation of options on May 29,\n2009, and the options surrendered by holders were cancelled effective June 1,\n2009. Surrender of the affected options was entirely voluntary and no\nagreements or commitments have been made to holders with respect to the\nreceipt of new options. Of the cancelled options, 15,880,000 were surrendered\nby directors, senior officers and insiders of the Company. The cancelled\noptions had a weighted average exercise price of $0.145.\n\n\nAbout TVI Pacific Inc. (TSX: TVI)\n---------------------------------\n\n\nTVI Pacific Inc. is a publicly traded Canadian mining company focused on\nexploring for, developing and producing precious and base metals within\ndistrict-scale systems in the Philippines. The Company's interest in the\nCanatuan Mine and its other Philippine assets are held through its affiliate,\nTVI Resource Development (Phils.) Inc.\n\n\nThe Toronto Stock Exchange has neither approved nor disapproved of the\ninformation contained herein.\n\n\n","length":1636,"tagName":"div"}]

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