BURNABY, BRITISH COLUMBIA--(Marketwired - Oct 25, 2016) - BC Moly Ltd. (TSX VENTURE:BM) (the "Company" or "BC Moly") announces that its Board of Directors, subject to shareholder and TSX Venture Exchange (the "Exchange") approval, has approved the re-pricing of a total of 600,000 options to purchase common shares ("Options") to an amended exercise price of $0.05 per Option (the "Re-Pricing"). The 600,000 Options to be re-priced were issued on December 9, 2015 with an original exercise price of $0.10. The closing price of the Company's common shares on the Exchange on October 19, 2016 (the last day in which common shares of the Company were traded), prior to the approval of the Re-Pricing, was $0.05. 83,000 options issued on November 23, 2012 are outstanding with an exercise price of $1.00, all of which will expire on November 23, 2017 and there will be no change to the terms of these options.
The Re-Pricing of the Options will be submitted for Exchange approval shortly and shareholder approval will be sought at the Company's upcoming Annual and Special General Meeting to be held on December 2, 2016. The Re-Pricing of the Options is subject to the approval of a simple majority of the Company's shareholders excluding votes attached to common shares beneficially owned by Insiders of the Company to whom the Options have been granted and associates of those Insiders. Prior to the Company's receipt of Exchange approval and shareholder approval, none of the Options may be exercised at the revised price.
The Re-Pricing of the Options to insiders is undertaken to attempt to ensure that the objectives of the Company's stock option plan are fulfilled and to compensate management, who have accepted a significant reduction in their salaries in order to preserve the Company's treasury; and directors, who receive no cash compensation.
About BC Moly Ltd.:
BC Moly Ltd. is a Canadian mineral exploration company focused on the development of its Storie Property molybdenum deposit. The Storie Property is situated about 6 km southwest of Cassiar, British Columbia. Cassiar is located 15 km (by paved road) west of Highway 37 which provides access to Watson Lake, Yukon, to the north and Dease Lake and Stewart, British Columbia, to the south.
On behalf of BC Moly Ltd.
Edward Yurkowski, President and CEO
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed "forward-looking statements". All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.