Orsu Metals Corporation

Orsu Metals Corporation

December 07, 2010 12:41 ET

Orsu Metals Corporation Cancellation and Grant of Options

LONDON, UNITED KINGDOM--(Marketwire - Dec. 7, 2010) - Orsu Metals Corporation ("Orsu", or the "Company") (TSX:OSU)(AIM:OSU), the London-based precious and base metals exploration and development company, announces today that directors and key employees of the Company have agreed to the cancellation of an aggregate of 1,237,500 stock options (the "Cancelled Options"). The Cancelled Options will be returned to the general pool of stock options available for grant under the Company's amended and restated stock option plan (the "Stock Option Plan").

Of the Cancelled Options the following options have been relinquished by directors of the Company:
Director   Options cancelled   Exercise price   Options held following cancellation
Dr. Sergey V. Kurzin   100,000   CAD$3.5   2,500,000
    400,000   CAD$8.3    
Alexander Yakubchuk   100,000   CAD$5.3   2,500,000
    150,000   CAD$8.3    
Massimo Carello   20,000   CAD$5.6   780,000
Mark Corra   20,000   CAD$3.8   750,000
    50,000   CAD$8.3    
Tim Hanford   10,000   GBP£5.5/ CAD$12.6   750,000
    50,000   CAD$8.3    
Total relinquished by directors:   900,000        

As previously announced today, the Company has appointed Mr. David Rhodes to the role of Non-Executive Director with immediate effect. Following his appointment, Mr. Rhodes has been granted 500,000 options pursuant to the Stock Option Plan, each of which have an exercise price of CAD$0.30. The options will vest as to one-quarter on each of 7 June 2011, 7 December 2011, 7 June 2012 and 7 December 2012 and may not be exercised later than 7 December 2015. Mr. Rhodes is currently interested in 332,400 common shares of Orsu, 500,000 options and 152,000 common share purchase warrants.

Contact Information

  • Orsu Metals Corporation
    Tania Tchedaeva
    Company Secretary
    +44 (0) 20 7518 3999
    Canaccord Genuity Limited
    Ryan Gaffney
    +44 (0) 20 7050 6500
    Vanguard Shareholder Solutions
    + 1 604 608 0824