Metamedia Capital Corp.

Metamedia Capital Corp.

August 26, 2005 16:21 ET

Metamedia Corporate Update

CALGARY, ALBERTA--(CCNMatthews - Aug. 26, 2005) - Metamedia Capital Corp. (TSX VENTURE:MME) ("Metamedia" or the "Company") announces that its board of directors has granted stock options in respect of a total of 666,510 common shares under the 2005 stock option plan.

The exercise price of the options is $1.00 per share, representing a price within the allowable Discounted Market Price of the $1.17 closing price of the common shares of Metamedia on the TSX Venture Exchange on August 25, 2005.

Metamedia received shareholder approval for its 2005 stock option plan at the special and annual shareholders meeting held on June 30, 2004. Under the 2005 stock option plan, the board of directors of Metamedia may grant options in respect of a maximum of 1,776,510 common shares to directors, officers and employees of, and consultants to, Metamedia. After taking into account existing, unexercised options of 1,110,000 common shares, the shares reserved for issuance under the 2004 and 2005 stock option plan represent 10% of the common shares of Metamedia currently issued and outstanding.

Under the 2005 plan, the exercise price of options is determined by the board of directors at the time option are granted, but cannot be lower than the closing price of Metamedia's shares on the TSX Venture Exchange on the business day immediately preceding the day on which an option is granted. The maximum period during which an option may be exercised is five years from the date of grant.

The 2005 stock option plan is subject to regulatory approval, including that of the TSX Venture Exchange.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Metamedia Capital Corp. or Metohos Business Magazine
    Mr. Alexandros Kostis
    (403) 333-3000