(TSX: TVI)
CALGARY, June 16 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company") today announced that several of its employees and directors have voluntarily surrendered options that entitled them to purchase up to an aggregate of 18,711,671 common shares of the Company. The exercise prices associated with the surrendered options ranged from $0.10 to $0.18 and were significantly in excess of the current trading price of TVI's common shares.
TVI's Board of Directors approved the cancellation of options on May 29, 2009, and the options surrendered by holders were cancelled effective June 1, 2009. Surrender of the affected options was entirely voluntary and no agreements or commitments have been made to holders with respect to the receipt of new options. Of the cancelled options, 15,880,000 were surrendered by directors, senior officers and insiders of the Company. The cancelled options had a weighted average exercise price of $0.145.
About TVI Pacific Inc. (TSX: TVI) ---------------------------------
TVI Pacific Inc. is a publicly traded Canadian mining company focused on exploring for, developing and producing precious and base metals within district-scale systems in the Philippines. The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.) Inc.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.