Matamec Explorations inc.

Matamec Explorations inc.

August 24, 2005 15:46 ET

Matamec: Appointment of New Secretary-Treasurer; Options to New Directors; Payment in Shares of Accrued Interest on Convertible Debenture

MONTREAL, QUEBEC--(CCNMatthews - Aug. 24, 2005) - Matamec Explorations Inc. (TSX VENTURE:MAT) ("Matamec") announces that Mr. Laval St Gelais, C.A., director of the company, was appointed to the position of secretary-treasurer at the last board meeting on August 17, 2005. Also at this meeting, stock options were granted to MM. Laval St-Gelais and Patrick Bradley, both directors of the company. Each director was granted options to acquire 400,000 shares at $0.13 per share for a period of five years. These options, as well as their exercising conditions, are governed by the Company's stock option plan.

Furthermore, Matamec announces that it has issued 89,260 common shares, at a price of 0.10$ per share, for the payment of accrued interest in the amount of $8,926.03 on the $150,000 convertible debenture issued January 15, 2004. These securities will be subject to a four month hold period from their date of issue.

Matamec is a mining exploration company which has a polymineral exploration strategy. The company intends to pursue its exploration activities, relying on the intrinsic value of its portfolio of properties which are mostly wholly owned by the company.

Contact Information

  • Matamec explorations Inc.
    Andre Gauthier
    (514) 448-2161
    Matamec explorations Inc.
    Aline Leclerc
    V-P Exploration
    (819) 738-7134