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Grant Of Stock Options Appointment Of Director |
06/29/2004 |
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Download this Press Release
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TORONTO, ONTARIO – Baffinland Iron Mines Corporation (the “Company”) (TSX-V:BIM) announces that it has granted stock options to a director of the Company to purchase up to 100,000 common shares (“Common Shares”) in the capital of the Company at an exercise price of $1.00 per Common Share, the closing price of the Common Shares on June 28, 2004 was $1.00 , vesting over 18 months and expiring on June 29, 2009. The current number of issued and outstanding Common Shares is approximately 18,360,987 and 4,400,000 Flow- Though Special Warrants. The options were granted pursuant to the Company’s incentive stock option plan (the “Plan”), under which a maximum of 10% of the issued and outstanding Common Shares are reserved for issuance. Following the grant of such options, a further 486,099 Common Shares will be available for issuance under the Plan.
In other news the Company is pleased to announce the appointment of Mr. Brian W. Penny to the Board of Directors effective June 29, 2004. He is also a member of the Audit Committee.
Mr. Penny is a Certified Management Accountant with approximately twenty years experience in the mining industry, most recently as Vice President Finance and Chief Financial Officer of a major international mining Company.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
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