Business
Abitex announces amendments to property option agreements, adopts new stock option plan and grants options
VAL D'OR, QC, Jan. 23 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is please...
About this update from Vision Lithium, Inc.
[{"type":"text","content":"\n\n\n\nVAL D'OR, QC, Jan. 23 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE)\n(the "Company") is pleased to announce an amendment to three option agreements\nbetween Central Uranium Corporation ("CUC"), a wholly owned subsidiary of the\nCompany, and Azimut Exploration Inc. ("Azimut") relating to the Kanjiq, South\nBienville and Central Minto properties (collectively the "Properties"). The\namendments are subject to final approval by the TSX Venture Exchange.\n\n\nThe three properties cover over 2,200 square kilometres in Northern\nQuebec. The Company, through CUC, invested approximately $2M on exploration of\nthese three projects in 2008. Final reports for the exploration programs and\nsampling assay results are expected shortly.\n\n\nUnder the terms of the amended agreements for the Properties, a total of\n1,000,000 shares of the Company will be issued to Azimut on or before January\n31, 2009 at a deemed price of $0.40 per share, in lieu of $400,000 in previous\ncash commitments. A further 250,000 shares may be issued on or before July 19,\n2009 at a deemed price of $0.40 in lieu of $100,000 in cash commitments.\n\n\nThe Company also retains the right to exercise its option to acquire an\nadditional 15% interest in any of the Properties through the issuance of\n250,000 shares of the Company per property at a deemed price of $0.40, in lieu\nof $100,000 in previous cash commitments.\n\n\nNew Stock Option Plan and Grant of Options\n\n\nThe Company has replaced its current incentive stock option plan of a\nmaximum of 20% of the number of outstanding common shares of the Company with\na new rolling plan (the "New Plan") which provides for grant of incentive\nstock options equal to a maximum of 10% of the number of outstanding common\nshares of the Company at the time of the grant. The New Plan has been\nconditionally approved by the TSX Venture Exchange and is subject to\nshareholder approval at the next annual meeting.\n\n\nThe Company also announces that it has granted 1,500,000 stock options at\nan exercise price of $0.40 and 240,000 stock options at an exercise price of\n$0.30 to directors, officers, employees and consultants which are exercisable\nuntil December 29, 2013.\n\n\n"We are pleased with the amended agreements as they preserve cash and\nminimize shareholder dil...