CALGARY,
April 8, 2013 /CNW/ - NewNorth
Projects Ltd. ("NewNorth" or the "Corporation") (TSX
VENTURE: NNP) provides an update in respect of the status of the
Corporation's stock option plan (the "Plan") further to a
continuous disclosure review by the TSX Venture Exchange
("TSXV").
The Corporation initially approved the Plan in
2006 and granted stock options ("Options") under it on one
occasion effective July 25, 2006,
where 1,050,000 Options were granted to officers and directors of
the Corporation. In approximately March
2009, the board of directors of the Corporation (the
"Board") resolved to no longer grant Options under the Plan
as a form of compensation to its officers and directors. Since
2009, the Board has had no intention to grant any additional
Options under the Plan and the Plan was left in place solely to
govern the existing Options that were previously granted under it.
As of the date hereof, a total of 480,000 Options remain issued and
outstanding. No Options have ever been exercised and converted into
common shares of the Corporation.
In the future, should the Board decide to grant
Options under the Plan, it will, at such time, seek all necessary
approvals to do so, including approval of its shareholders and the
TSXV. Otherwise, the Plan will remain in place solely to govern the
existing Options which are set to expire on July 25, 2016.
Cautionary Note Regarding Forward-Looking
Statements
Except for the statements of historical fact
contained herein, certain information presented herein constitutes
"forward-looking statements". More particularly, this press release
contains statements concerning the future granting of stock options
and certain conditions surrounding such future grants. The
forward-looking statements contained in this document are solely
opinions and forecasts which are uncertain and subject to risks.
Forward-looking statements include but are not limited to
uncertainties and other factors which may cause the actual results,
performance or achievements of the Corporation to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. These
forward-looking statements are not guarantees of future performance
and are subject to a number of known and unknown risks and
uncertainties. Accordingly, readers are cautioned that the
assumption used in the preparation of the forward-looking
statements, although considered reasonable at the time of
preparation may prove to be imprecise and, as such undue reliance
should not be placed on forward-looking statements.
The forward-looking statements contained in this
press release are made as of the date of this press release. Except
as required by law, the Corporation disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable securities law.
Additionally, the Corporation undertakes no obligation to comment
on the expectations of, or statements made, by third parties in
respect of the matters discussed above.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE NewNorth Projects Ltd.