Ressources Appalaches inc.

Ressources Appalaches inc.

May 29, 2009 15:00 ET

Ressources Appalaches: Modifications Made to Stock Purchase Warrants and Allocation of Stock Options

RIMOUSKI, QUEBEC--(Marketwire - May 29, 2009) - On May 28, 2009, Ressources Appalaches (TSX VENTURE:APP) filed an application with the TSX Venture Exchange to extend the expiration date of the stock purchase warrants expiring on June 18, 2009, and June 30, 2009. The requested new expiration date is June 30, 2011.

Each subscription warrant will allow its holder to subscribe to a common share of the Company at the price of $0.20 until June 30, 2009 (the "initial period"). The exercise price of $0.20 will be subsequently adjusted on a monthly basis until June 30, 2011, the expiration date, in accordance with the following terms:

Upon the expiry of the initial period, the exercise price will be adjusted (the "adjusted exercise price") to be equal to the higher of:

i) the weighted average of the daily price of the issuer's common shares traded on the TSX-V for the days on which transactions were recorded (the "weighted average price") during the last month preceding the initial period; and

ii) the exercise price of $0.20.

Once the adjusted exercise price has been set, the exercise price of the warrant will be subsequently adjusted automatically on the first day of each month and will be equal to the higher of:

i) the weighted average price during the preceding month; and

ii) the adjusted exercise price.

In accordance with its compensation policy and stock option plan, on May 27, 2009, the board of directors of Ressources Appalaches granted 2,150,000 stock options with an exercise price of $0.15, expiring on May 27, 2014, distributed as follows:

Directors 1,700,000 options
Employees and service providers 250,000 options
Christian Guilbaud, the Company's public relations officer 200,000 options

The options granted to the public relations officer are acquired gradually over a 12-month period at a rate of one quarter of the options over the given quarter in compliance with policy 4.4 of the TSX Venture Exchange.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contact Information

  • Ressources Appalaches
    Andre Proulx
    Ressources Appalaches
    Christian Guilbaud
    Investor relations