Midway Reports Employment Inducement Award Pursuant to Section 711(a) of the NYSE MKT Company Guide
December 09 2014 - 8:30AM
Business Wire
Midway Gold Corp. (TSX and NYSE-MKT: MDW) (the “Company” or
“Midway”) today announces that it will grant a one-time employment
inducement stock option to William Zisch, Midway’s new President
and Chief Executive Officer, as part of Mr. Zisch’s previously
disclosed compensation package. Midway announced the appointment of
Mr. Zisch to serve as President and Chief Executive Officer on
October 15, 2014, which appointment will be effective December 10,
2014.
Effective December 10, 2014, Midway granted Mr. Zisch two
inducement options as follows: (i) an inducement stock option
exercisable to acquire 1,000,000 common shares and (ii) a second
inducement stock option exercisable to acquire a certain number of
common shares, which calculated based upon the Black Scholes
valuation method, provides a value of $500,000 for such option on
the date of the grant. The inducement options will have an exercise
price equal to the closing price of Midway’s common shares on the
grant date. Each inducement option expires 10 years from the grant
date and shall vest subject to Mr. Zisch’s continued employment as
follows: 1/3 on the first anniversary of the grant date, and an
additional 1/12 every three months thereafter. The inducement
options were made outside the Company's existing shareholder
approved equity incentive plans and were approved by the
compensation committee of the Company's board of directors as an
inducement material to Mr. Zisch entering into employment with the
Company in reliance on Section 711(a) of the NYSE MKT Company
Guide, which requires this public announcement. For further details
regarding Mr. Zisch’s employment and compensation, please see the
Company’s Current Report on Form 8-K filed on October 15, 2014 with
the United States Securities and Exchange Commission.
About Midway Gold Corp.
Midway Gold Corp. is a precious metals company with a vision to
explore, design, build and operate gold mines in a manner
accountable to all stakeholders while assuring return on
shareholder investments.
Midway Gold Corp.Jaime Wells, 720-979-0900Investor
Relationsjwells@midwaygold.comwww.midwaygold.com
Neither the TSX Exchange, its Regulation Services Provider (as
that term is defined in the policies of the TSX Exchange) nor the
NYSE MKT accepts responsibility for the adequacy or accuracy of
this release.
This press release contains forward-looking statements about the
Company and its business. Forward looking statements are statements
that are not historical facts and include, but are not limited to,
statements regarding the vesting of the inducement options: “may”,
“should”, “plan”, “believe”, “predict”, “expect”, “anticipate”,
“intend”, “estimate”, postulate”, “target” and similar expressions
or the negative of such expressions or which by their nature refer
to future events. The forward-looking statements in this press
release are subject to various risks, uncertainties and other
factors that could cause the Company's actual results or
achievements to differ materially from those expressed in or
implied by forward looking statements. There can be no assurances
that the conditions precedent to make additional draws on the
project debt package will be met or we will make additional draws
on the project debt package even if we complete the conditions
precedent. Other risks, uncertainties and factors include, without
limitation, risks related to the timing and completion of the
Company's intended work plans, potential delay of material
deliveries, ability to meet debt covenants and obligations, risks
related to fluctuations in gold prices; uncertainties related to
raising financing in a timely manner and on acceptable terms;
changes in planned work resulting from weather, logistical,
technical or other factors; the possibility that results of work
will not fulfill expectations and realize the perceived potential
of the Company's properties; uncertainties involved in the
interpretation of drilling results and other tests and the
estimation of gold resources and reserves; ability to meet loan and
financing covenants in the future; the possibility that required
permits may not be obtained on a timely manner or at all; the
possibility that capital and operating costs may be higher than
currently estimated and may preclude commercial development or
render operations uneconomic; the possibility that the estimated
recovery rates may not be achieved; risk of accidents, equipment
breakdowns and labor disputes or other unanticipated difficulties
or interruptions; the possibility of cost overruns or unanticipated
expenses in the work program; changes in interest and currency
exchanges rates; local and community impacts and issues;
environmental costs and risks; and other factors identified in the
Company's SEC filings and its filings with Canadian securities
regulatory authorities. Forward-looking statements are based on the
beliefs, opinions and expectations of the Company's management at
the time they are made, and other than as required by applicable
securities laws, the Company does not assume any obligation to
update its forward-looking statements if those beliefs, opinions or
expectations, or other circumstances, should change. Although the
Company believes that such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. For the reasons set forth above, investors
should not attribute undue certainty to or place undue reliance on
forward-looking statements.
Midway Gold Corp.Jaime Wells, 720-979-0900Investor
Relationsjwells@midwaygold.comwww.midwaygold.com